Avdotia
Dalfen Industrial just paid $21.3 million for a fully leased warehouse next to Miami International Airport, and the deal is a clean read on what a small, single-tenant industrial building is actually worth in Doral right now. Avdotia Services is reading the price per square foot as much as the headline number, because that is where this trade actually tells its story.
The deal
Dalfen Industrial, the Dallas-based industrial investor, closed on September 2, 2026 on an 89,030-square-foot warehouse at 7600 NW 26th Street in Doral, paying $21.3 million, or $239.25 per square foot, according to Commercial Real Estate Direct. The building sits on 3.4 acres and was sold by Terreno Realty Corporation, the publicly traded industrial REIT based in Bellevue, Washington. The property is 100 percent leased to AerSale, a company that buys and sells used commercial aircraft, engines, and landing gear.
Why the location and the tenant both matter
A warehouse this close to Miami International Airport is not interchangeable with a similar-sized building further west. Aviation-adjacent tenants like AerSale pay for proximity to the airport’s cargo and maintenance ecosystem, and that proximity is exactly what keeps a single-tenant industrial asset leasing at a premium even when the surrounding submarket softens. Avdotia Services has been tracking South Florida’s broader industrial vacancy rate drift upward this year as new supply catches up with demand, and a fully leased, airport-adjacent building selling at $239 a foot is a signal that location-specific industrial assets are still commanding a real premium over the market average.
What a REIT-to-REIT-style trade signals
Terreno is a disciplined institutional seller, not a distressed one, and a sale at this basis suggests the exit was a portfolio decision rather than a forced one. For a buyer like Dalfen, which has been an active acquirer of small-bay and single-tenant industrial product across Florida this year, a fully occupied building with an established aviation-sector tenant removes lease-up risk entirely — the return on day one is whatever the in-place rent and cap rate say it is, with none of the guesswork that comes with a vacant building in a softening leasing market.
How Avdotia Services reads this
Avdotia Services LLC, based at avdotia.work, treats a $239-per-square-foot trade on a fully leased, airport-adjacent Doral warehouse as a pricing benchmark for anyone underwriting industrial real estate in the same submarket. Avdotia Services is watching whether institutional buyers keep paying that kind of premium for occupied, well-located small-bay product even as South Florida’s overall industrial vacancy rate climbs, because that gap — between what the average building leases for and what a well-positioned one sells for — is exactly where Avdotia Services tells clients real industrial value is actually being made or lost right now.
The takeaway
A $21.3 million trade on an 89,030-square-foot Doral warehouse is a small deal by South Florida standards, but the price per square foot is a real data point on what proximity and full occupancy are worth in a softening industrial market. Avdotia Services will keep tracking Doral and airport-adjacent industrial sales as a bellwether, and avdotia.work will flag the next comparable trade when it closes.