Terreno Picks Up Doral Industrial Project For $376 PSF

Blackstone has sold the newly built Royal Palm Doral industrial project in Miami-Dade for $130.7 million.

The seller, B9 NW 97th Avenue Owner LLC, an affiliate of Blackstone and its Link Logistics arm, transferred ownership of the property to Terreno Royal Palm LLC, a subsidiary of Terreno Realty Corporation based in Bellevue, Washington. The transaction, confirmed by property data firm Vizzda, works out to $376 per square foot for the 347,380-square-foot development.

Completed in 2024, the project consists of two warehouses at 6450 and 6550 NW 97th Avenue on an 18.4-acre site. Each building offers a 36-foot clear height, along with 66 dock-high doors and two drive-in ramps. Current tenants include Kope Logistics and Zoghbi Perfumes, though about 164,000 square feet remain available for lease, according to a recent listing.

The deal was part of a larger announcement Terreno Realty made earlier this month, when it disclosed a $194.3 million acquisition of industrial assets in both Doral and Kearny, New Jersey, though it did not identify the specific addresses.

Terreno has been particularly active in South Florida’s industrial market. Last December, the company purchased a Doral industrial park for $195.6 million, and in July, it sold another one for $82.25 million.

Source:  SFBJ