On December 27, Terreno Realty sealed the deal on Terreno Doral Air Logistics, a sprawling industrial complex in Doral, Fla., for a hefty $195.6 million. This acquisition marks something of a departure from the company's typical purchasing patterns, venturing into higher-value territory. The property, spanning 23.4 acres, boasts three industrial distribution buildings with a combined space of approximately 495,000 square feet. Its location at 7725-7785 NW 41st Street places it in the heart of a bustling logistics corridor, with immediate access to the Palmetto Expressway and close proximity to the MIA Cargo Viaduct, Dolphin Expressway, and Miami International Airport.

The Doral property's features include 36-foot clear height ceilings, 110 dock-high loading positions, and six grade-level loading spots. It also caters to the growing demand for electric vehicles, offering 528 parking spaces, including 11 with EV charging capabilities. Currently at 76% occupancy with six tenants, the property presents an opportunity for growth, with an estimated stabilized cap rate of 4.6%.

This Florida acquisition follows closely on the heels of another investment made by Terreno earlier in the month. On December 11, the company expanded its footprint in the Northeast, acquiring an industrial property in Red Hook, Brooklyn, for approximately $156.3 million. This deal included the assumption of a $72.9 million loan at a 3.85% interest rate, maturing in March 2028.