Terreno Realty Closes $194M Portfolio Deal

September 11, 2025

Industrial Investment News Northeast More Southeast

The industrial properties are in Florida and New Jersey.

Terreno Realty Corp. has acquired a three-building portfolio of industrial distribution properties in Doral, Fla., and Kearny, N.J., for an aggregate price of about $194.3 million, the company announced Wednesday.

The Woodinville Corporate Center — Part of the larger Woodinville Corporate Center, the industrial buildings Terreno acquired in August 2025 are spread across roughly 43 acres. *Image courtesy of Yardi Research Data*

The portfolio totals about 509,000 square feet on 27.6 acres and is about 36 percent leased to five tenants.

Terreno noted that this acquisition completes a multi-market portfolio of about 1.2 million square feet for a total purchase price of $426.9 million. Terreno acquired the Woodinville, Wash., portion of the portfolio in August 2025 for $232.6 million. The nine Seattle-area buildings are a mix of flex/industrial and manufacturing, per their current tenants. That portfolio is about 91 percent leased. The assets’ previous owner was Link Logistics, according to Yardi Research Data.

Terreno estimated the stabilized cap rate of the multi-market portfolio at 5.0 percent.

Terreno did not reply to Commercial Property Executive’s request for additional information.

Terreno Realty acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City/Northern New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle and Washington, D.C.

Multiple signs of a slowdown

In an unrelated transaction not even two weeks ago, Terreno purchased the Redondo Beach Two Pack, in Southern California, from MetLife Investment Management. The two-building property totals 99,340 square feet and features 16 dock-high doors, three grade-level doors and clear heights of 16 feet. The 5.1-acre Class B property was completed in 1962 and is near Los Angeles International Airport and major freeways.

Nationwide, the U.S. industrial real estate landscape is beset by “economic headwinds, delayed occupancy, and a wave of large bankruptcies,” all of which contributed to absorption in the second quarter reaching just 15.6 million square feet, according to a recent report from JLL.

Although net absorption is down, leasing by 3PL companies has been a bright spot, accounting for 16.5 percent of all activity in the second quarter. Both industrial deliveries and the development pipeline have contracted, to levels not seen since early 2019 and mid-2016, respectively, JLL reported.