Terreno Realty Corporation picked up a recently completed Doral industrial project for $130.7 million, in the latest warehouse sell-off by Link Logistics and parent company Blackstone.
An affiliate of San Francisco-based Terreno, led by Blake Baird, bought Royal Palm Doral, a two-building complex at 6450-6550 Northwest 97th Avenue completed in 2024, records and real estate database Vizzda show.
The deal breaks down to roughly $378 a square foot for the warehouses, which span 345,940 square feet.
Sellers, New York-based Link, led by Luke Petherbridge, and New York-based Blackstone, led by Stephen Schwarzman, developed Royal Palm Doral with a $51 million construction loan, records show. The joint venture paid $21 million for the 18.4 acre site in 2020.
Royal Palm Doral has two tenants, Kope Logistics and Zoghbi Perfumes, and has 164,247 square feet available for lease, according to an online listing.
Terreno is very active in the Doral industrial submarket. In July, the firm sold six industrial buildings in Doral for $82 million to Boston-based Longpoint. Seven months earlier, in December, Terreno dropped $195.6 million for three warehouses on 23.4 acres in Doral.
Link and Blackstone, which recently bought the East Miami hotel in Brickell for nearly $300 million, have been selling industrial properties in South Florida at a steady clip since November. With the sale of Royal Palm Doral, the Link-Blackstone industrial sell-off has hit more than $1.1 billion in combined sales.
In June, the two firms sold a 43.7-acre industrial development site in Opa-Locka for $105.7 million to Boston-based TA Realty. In December, the same buyer acquired an industrial complex adjacent to the development site for $160 million from Link and Blackstone.
The selling spree kicked off with the November sale of a 26-industrial property portfolio spanning Miami-Dade, Broward and Palm Beach counties for $331.3 million to Longpoint. A month later, Link and Blackstone sold a five-building portfolio in Sunrise for $205.5 million to Miami-based Elion Partners. The Longpoint and Elion purchases were the two largest industrial deals of 2024.
