Terreno Buys South Florida Industrial Complex for $196M
The Doral property features almost 500,000 square feet of space that’s 76% leased
By Julia Echikson January 2, 2025 2:00 pm
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Terreno Realty Corporation paid $195.6 million for an industrial campus in Doral, Fla., the San Francisco-based buyer announced.
The property — located at 7725 and 7785 NW 41st Street, just west of the Palmetto Expressway — features three warehouses, totaling 495,000 square feet. The 36-foot tall complex is 76 percent leased to six tenants, and includes 110 dock-high and six loading positions in addition to 528 parking spots.
The deal breaks down to nearly $400 a square foot, and generated a stabilized cap rate of 4.6 percent.
The seller, Singapore-based GLP Capital Partners, completed the property in 2022 after buying the 23.5-acre site for $55 million and securing a $64 million construction loan from the Bank of America the year prior, according to property records. Representatives for GLP did not immediately respond to a request for comment.
Terreno, which specializes in industrial real estate, invests primarily in the New York and Bay Area, as well as Los Angeles, Seattle and Washington, D.C. Its South Florida holdings are limited to Miami-Dade County, where it owns 41 facilities, amounting to nearly 3.9 million square feet.
Terrono’s purchase comes just a few weeks after another San Francisco-based industrial investor made a splash in Doral. Prologis bought a 157,214-square-foot warehouse for $57 million from Codina Partners, The Real Deal reported.
Julia Echikson can be reached at jechikson@commercialobserver.com.
