Terreno Realty Corporation Acquires Doral Industrial Property For $195.6M

Updated January 6, 2025

Terreno Realty Corporation acquired Terreno Doral Air Logistics, an industrial property located in Doral, Florida on December 27, 2024 for a purchase price of approximately $195.6 million.

CBRE National Partners Vice Chairmen Jose Lobón, Frank Fallon, Trey Barry, and Vice President Royce Rose represented the seller. The team was assisted by Devin White with CBRE Industrial Leasing and Gabriel Braun and Daniel Sarmiento, Financial Analysts with CBRE National Partners.

The property consists of three 36-foot clear height rear-load industrial distribution buildings containing approximately 495,000 square feet on 23.4 acres. The property is at 7725-7785 NW 41st Street, immediately adjacent to the Palmetto Expressway and approximately one mile from the MIA Cargo Viaduct and two miles from the Dolphin Expressway and Miami International Airport, provides 110 dock-high and six grade-level loading positions and parking for 528 cars (including 11 EV charging positions).

The property is 76% leased to six tenants and the estimated stabilized cap rate is 4.6%.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.