Terreno Realty Corporation Announces Development Completion in Hialeah, FL

Rhea-AI Summary

Terreno Realty Corporation (NYSE:TRNO) completes development of Countyline Corporate Park Phase IV Building 41 in Hialeah, Florida, leasing it 100% to an international logistics services provider. The building is a 191,000 square foot industrial distribution building with 62 dock-high and two grade-level loading positions, expected to achieve LEED certification. The total investment is $41.2 million, and the stabilized cap rate is 5.1%. Countyline Corporate Park Phase IV consists of a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings in Miami’s Countyline Corporate Park, expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 660 dock-high and 22 grade-level loading positions and parking for 1,875 cars for a total expected investment of approximately $510.3 million. Terreno Realty Corporation acquires, owns, and operates industrial real estate in Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.

• Countyline Corporate Park Phase IV Building 41 100% leased

BELLEVUE, Wash.--(BUSINESS WIRE)-- Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has completed the development of Countyline Corporate Park Phase IV Building 41 in Hialeah, Florida and leased 100% of the building to an international logistics services provider. Building 41 of Terreno Realty Corporation’s Countyline Corporate Park is a 191,000 square foot 32-foot clear height rear-load industrial distribution building on 10.5 acres with 62 dock-high and two grade-level loading positions and parking for 196 cars. The building is expected to achieve LEED certification, the total investment is $41.2 million and the stabilized cap rate is 5.1%.

Countyline Corporate Park Phase IV consists of a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent to Terreno Realty Corporation’s seven fully-leased buildings within Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75 located at the intersection of NW 170th Street and NW 107th Avenue. At expected completion in 2027, Countyline Phase IV is expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 660 dock-high and 22 grade-level loading positions and parking for 1,875 cars for a total expected investment of approximately $510.3 million.

Taken together, Terreno Realty Corporation’s Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet.

Estimated stabilized cap rates are calculated as annualized cash basis net operating income stabilized to market occupancy (generally 95%) divided by total acquisition cost. Total acquisition cost includes the initial purchase price, the effects of marking assumed debt to market, buyer’s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.

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

Additional information about Terreno Realty Corporation is available on the company’s web site at www.terreno.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and on assumptions made by, and information currently available to, management. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,” “result,” “should,” “will,” “seek,” “target,” “see,” “likely,” “position,” “opportunity,” “outlook,” “potential,” “enthusiastic,” “future” and similar expressions which do not relate solely to historical matters are intended to identify forward-looking statements. These statements are subject to risks, uncertainties, and assumptions and are not guarantees of future performance, which may be affected by known and unknown risks, trends, uncertainties, and factors that are beyond our control, including risks related to our ability to meet our estimated forecasts related to stabilized cap rates and those risk factors contained in our Annual Report on Form 10-K for the year ended December 31, 2022 and our other public filings. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those anticipated, estimated, or projected. We expressly disclaim any responsibility to update our forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Accordingly, investors should use caution in relying on past forward-looking statements, which are based on results and trends at the time they are made, to anticipate future results or trends.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231211342338/en/

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation

FAQ

What is the latest development announced by Terreno Realty Corporation (NYSE:TRNO)?

Terreno Realty Corporation (NYSE:TRNO) completed the development of Countyline Corporate Park Phase IV Building 41 in Hialeah, Florida, leasing it 100% to an international logistics services provider.

What are the key features of Countyline Corporate Park Phase IV Building 41?

The building is a 191,000 square foot industrial distribution building with 62 dock-high and two grade-level loading positions, expected to achieve LEED certification.

What is the total investment and stabilized cap rate for Countyline Corporate Park Phase IV Building 41?

The total investment is $41.2 million, and the stabilized cap rate is 5.1%.

In which U.S. markets does Terreno Realty Corporation (NYSE:TRNO) operate?

Terreno Realty Corporation operates in Los Angeles; Northern New Jersey/New York City; San Francisco Bay Area; Seattle; Miami; and Washington, D.C.