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Terreno Realty announced the completion of the development of Countyline Corporate Park Phase IV Building 38 in Hialeah, FL. The building is 100% leased to a North American distributor and has a total investment of $88.5 million with an estimated stabilized cap rate of 5.0%. The Countyline Corporate Park Phase IV project is expected to have ten LEED-certified industrial distribution buildings totaling 2.2 million square feet by 2027.
Terreno Realty ha annunciato il completamento dello sviluppo del Countyline Corporate Park Fase IV Edificio 38 a Hialeah, FL. L'edificio è completamente affittato a un distributore nordamericano e rappresenta un investimento totale di 88,5 milioni di dollari con un tasso di capitalizzazione stimato stabilizzato del 5,0%. Si prevede che il progetto del Countyline Corporate Park Fase IV includerà dieci edifici industriali per la distribuzione certificati LEED, per un totale di 2,2 milioni di piedi quadrati entro il 2027.
Terreno Realty anunció la finalización del desarrollo del Countyline Corporate Park Fase IV Edificio 38 en Hialeah, FL. El edificio está 100% arrendado a un distribuidor norteamericano y tiene una inversión total de $88.5 millones con una tasa de capitalización estabilizada estimada del 5.0%. Se espera que el proyecto del Countyline Corporate Park Fase IV cuente con diez edificios de distribución industrial certificados LEED que suman 2.2 millones de pies cuadrados para el año 2027.
테레노 리얼티는 플로리다 힐리어에 위치한 카운티라인 코퍼레이트 파크 4단계 38건물의 개발 완료를 발표했습니다. 이 건물은 북미 유통업체에 100% 임대되었으며, 총 투자액은 8,850만 달러이며 예상 안정화 자본 이율은 5.0%입니다. 카운티라인 코퍼레이트 파크 4단계 프로젝트는 2027년까지 총 220만 평방피트에 달하는 10개의 LEED 인증 산업 배포 건물이 완성될 것으로 예상됩니다.
Terreno Realty a annoncé l'achèvement du développement du Countyline Corporate Park Phase IV Bâtiment 38 à Hialeah, FL. Le bâtiment est entièrement loué à un distributeur nord-américain et représente un investissement total de 88,5 millions de dollars avec un taux de capitalisation stabilisé estimé à 5,0%. Le projet de Countyline Corporate Park Phase IV devrait comprendre dix bâtiments industriels de distribution certifiés LEED totalisant 2,2 millions de pieds carrés d'ici 2027.
Terreno Realty gab den Abschluss der Entwicklung des Countyline Corporate Park Phase IV Gebäude 38 in Hialeah, FL bekannt. Das Gebäude ist zu 100% an einen nordamerikanischen Distributor vermietet und repräsentiert eine Gesamtinvestition von 88,5 Millionen Dollar mit einer geschätzten stabilisierten Kapitalisierungsrate von 5,0%. Es wird erwartet, dass das Countyline Corporate Park Phase IV Projekt bis 2027 zehn LEED-zertifizierte Industrieverteilungsgebäude mit insgesamt 2,2 Millionen Quadratfuß umfassen wird.
Positive
Completion of Countyline Corporate Park Phase IV Building 38 in Hialeah, FL
Building 38 is 100% leased to a North American distributor
Total investment of $88.5 million with an estimated stabilized cap rate of 5.0%
Countyline Corporate Park Phase IV project to have ten LEED-certified industrial distribution buildings totaling 2.2 million square feet by 2027
Negative
None.
Insights
The completion of Terreno Realty Corporation's Countyline Corporate Park Phase IV Building 38 and its 100% lease status are positive indicators for the company's performance in the industrial real estate sector. The investment of $88.5 million into a LEED-certified building, with its 506,000-square-foot space and strategic location adjacent to Florida's Turnpike and I-75, is noteworthy for its potential to generate stable income through its estimated stabilized cap rate of 5.0%. This cap rate aligns with the current industrial sector average, indicating a potentially sound investment compared to similar market opportunities. Additionally, the broader Countyline project, with its significant scale of 3.5 million square feet upon completion of phases III and IV, positions Terreno for future growth in a desirable market. However, investors should be aware of the risks associated with any development, such as construction delays or changes in market demand.
LEED certification represents the building's compliance with environmental efficiency standards, which can lead to reduced operational costs and appeal to tenants who prioritize sustainability. Building 38's achievement of LEED certification may not only reduce its carbon footprint but also increase its attractiveness in a market that is becoming increasingly eco-conscious. This could result in higher occupancy rates and potentially stronger lease pricing power over the long term. However, it is important to balance these benefits against the upfront costs associated with obtaining LEED certification, which could impact short-term returns.
The strategic location of Countyline Corporate Park at the nexus of major transportation routes enhances its logistical appeal, catering to the needs of tenants requiring efficient distribution channels. The industrial real estate market has seen significant demand, particularly due to the growth in e-commerce, which may support the long-term appreciation and occupancy rates of properties such as Terreno's. Nevertheless, as market conditions evolve, it is important for investors to monitor industry trends, such as shifts in supply chain dynamics or e-commerce growth rates, which could influence the performance of industrial properties like those in Countyline Corporate Park.
-Countyline Corporate Park Phase IV Building 38 100% leased upon delivery
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 38 in Hialeah, Florida. Building 38 is 100% leased to a North American distributor of foodservice packaging, commercial cleaning supplies, janitorial equipment and industrial packaging. Building 38 of Terreno Realty Corporation’s Countyline Corporate Park is a 506,000 square foot 36-foot clear height cross-dock industrial distribution building on 27.6 acres with 105 dock-high and four grade-level loading positions and parking for 360 cars. The building is expected to achieve LEED certification, the total expected investment is $88.5 million and the estimated stabilized cap rate is 5.0%.
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 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 $511.5 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, 2023 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.
What is the name of the project completed by Terreno Realty in Hialeah, FL?
The project completed is Countyline Corporate Park Phase IV Building 38.
What is the total investment for the project completed in Hialeah, FL?
The total investment for the project completed in Hialeah, FL is $88.5 million.
Who is the building leased to in Hialeah, FL?
The building in Hialeah, FL is leased to a North American distributor.
What is the estimated stabilized cap rate for the project in Hialeah, FL?
The estimated stabilized cap rate for the project in Hialeah, FL is 5.0%.
How many industrial distribution buildings are expected in the Countyline Corporate Park Phase IV project by 2027?
By 2027, the Countyline Corporate Park Phase IV project is expected to have ten LEED-certified industrial distribution buildings totaling 2.2 million square feet.
