MIAMI—Terreno Realty just snapped up another industrial property. Terreno, which owns and operates industrial real testate in six major coastal US markets, paid Canaan Trading $8.9 million for the asset at 11205 NW 131st Street in Medley, FL.

CBRE vice president Devin White represented the buyer. CBRE senior vice president David Albert and associate Andrew Lehrer assisted in the transaction.

“With Doral buildings getting priced out for most investors, Medley has become a clear pursuit for the institutional-quality assets,” says White. “This deal took over a year to put together and it is a testament to Terreno's dedication to continued growth in Miami.”

The property is a class A industrial distribution building divided in to three functional distribution spaces. It offers about 85,000 square feet and sits on 4.7 acres of land. The industrial asset is 100% occupied.

Located along Okeechobee Road next to the Florida Turnpike, the industrial property has 20 dock-high and two grade-level loading positions with 24-foot to 26-foot clear heights in the warehouse.

Terreno has been on a spending spree in the fourth quarter. The firm recently acquired an Annapolis R&D building after reporting a major lease expansion in New Jersey. The company is also buying three industrial properties on the West coast.