T
erreno Realty has acquired three warehouses in Doral for $195.6 million, marking one of last year's top industrial deals. The Bellevue-based firm bought the 495,000-square-foot buildings on a 23.4-acre site at 7725-7785 Northwest 41st Street from GLP Capital Partners. The campus, now called Terreno Doral Air Logistics, is 76% leased to six tenants.

    GLP Capital developed the buildings after securing a $64.2 million construction loan in 2021 and completing them in 2022. Led by co-founders W. Blake Baird and Michael Coke, Terreno Realty focuses on industrial investments and management across several major markets, including South Florida.

    The purchase ranks as the fourth-largest industrial deal in South Florida last year, despite elevated interest rates and market softening. In the third quarter, Miami-Dade County landlords reduced average asking rents for warehouses to $16.42 per square foot from $17.16 a square foot during the same period in 2023.

    Terreno Realty has also developed industrial buildings at Countyline Corporate Park in Hialeah. Last year's top deal was Longpoint Realty Partners' $331.3 million purchase of a 10-property portfolio with 26 warehouses across several South Florida cities.