Terreno Realty Corporation Announces Lease in Hialeah, FL
Terreno Realty (NYSE:TRNO) has announced a significant pre-lease agreement for its Countyline Corporate Park Phase IV Building 33 in Hialeah, Florida. A third-party logistics provider has leased 105,000 square feet, representing 67% of the building, for a seven-year term starting in March 2025. The 158,000 square foot facility is part of a larger 121-acre project set to include 2.2 million square feet of industrial distribution space across ten buildings.
The total expected investment for Building 33 is $39.0 million with an estimated stabilized cap rate of 5.9%. The entire Countyline Corporate Park Phase IV project has a projected investment of $511.5 million. Upon completion in 2027, Terreno's combined Countyline Corporate Park Phase III and IV will encompass 17 buildings totaling 3.5 million square feet.
Terreno Realty (NYSE:TRNO) ha annunciato un importante accordo di pre-affitto per il suo Countyline Corporate Park Phase IV Building 33 a Hialeah, Florida. Un fornitore di logistica di terze parti ha affittato 105.000 piedi quadrati, che rappresentano il 67% dell'edificio, per un termine di sette anni a partire da marzo 2025. La struttura di 158.000 piedi quadrati fa parte di un progetto più ampio di 121 acri che includerà 2,2 milioni di piedi quadrati di spazio per la distribuzione industriale distribuito su dieci edifici.
L'investimento totale previsto per l'Edificio 33 è di 39,0 milioni di dollari con un tasso di capitalizzazione stabilizzato stimato del 5,9%. L'intero progetto Countyline Corporate Park Phase IV ha un investimento previsto di 511,5 milioni di dollari. Una volta completati nel 2027, i progetti Countyline Corporate Park Phase III e IV di Terreno comprenderanno 17 edifici per un totale di 3,5 milioni di piedi quadrati.
Terreno Realty (NYSE:TRNO) ha anunciado un importante acuerdo de pre-alquiler para su Countyline Corporate Park Phase IV Building 33 en Hialeah, Florida. Un proveedor de logística de terceros ha arrendado 105,000 pies cuadrados, que representan el 67% del edificio, por un plazo de siete años que comienza en marzo de 2025. La instalación de 158,000 pies cuadrados es parte de un proyecto más grande de 121 acres que incluirá 2.2 millones de pies cuadrados de espacio de distribución industrial en diez edificios.
La inversión total esperada para el Edificio 33 es de $39.0 millones, con una tasa de capitalización estabilizada estimada del 5.9%. Todo el proyecto Countyline Corporate Park Phase IV tiene una inversión proyectada de $511.5 millones. Tras su finalización en 2027, los proyectos Countyline Corporate Park Phase III y IV de Terreno comprenderán 17 edificios con un total de 3.5 millones de pies cuadrados.
Terreno Realty (NYSE:TRNO)는 플로리다 하일리아에 위치한 Countyline Corporate Park Phase IV Building 33에 대한 중요한 사전 임대 계약을 발표했습니다. 제3자 물류 공급업체가 105,000 평방피트를 임대했으며, 이는 건물의 67%에 해당하며, 2025년 3월부터 시작되는 7년 임대 기간으로 설정되었습니다. 158,000 평방피트 규모의 이 시설은 10개 건물로 구성될 220만 평방피트의 산업 유통 공간을 포함하는 121 에이커 규모의 더 큰 프로젝트의 일환입니다.
Building 33에 대한 총 예상 투자액은 3,900만 달러이며, 추정 안정화 자본 배당률은 5.9%입니다. 전체 Countyline Corporate Park Phase IV 프로젝트의 예상 투자액은 5억 1,150만 달러입니다. 2027년 완공 시, Terreno의 Countyline Corporate Park Phase III 및 IV는 17개 건물로 총 350만 평방피트를 포함하게 됩니다.
Terreno Realty (NYSE:TRNO) a annoncé un important accord de pré-location pour son Countyline Corporate Park Phase IV Building 33 à Hialeah, en Floride. Un fournisseur de logistique tiers a loué 105 000 pieds carrés, représentant 67% du bâtiment, pour un terme de sept ans débutant en mars 2025. La structure de 158 000 pieds carrés fait partie d'un projet plus vaste de 121 acres qui comprendra 2,2 millions de pieds carrés d'espace de distribution industrielle répartis sur dix bâtiments.
L'investissement total prévu pour le Bâtiment 33 est de 39,0 millions de dollars, avec un taux de capitalisation stabilisé estimé à 5,9%. L'ensemble du projet Countyline Corporate Park Phase IV a un investissement projeté de 511,5 millions de dollars. À l'issue des travaux en 2027, les projets Countyline Corporate Park Phase III et IV de Terreno comprendront 17 bâtiments totalisant 3,5 millions de pieds carrés.
Terreno Realty (NYSE:TRNO) hat eine bedeutende Vorvermietungsvereinbarung für ihr Countyline Corporate Park Phase IV Building 33 in Hialeah, Florida, bekannt gegeben. Ein Drittanbieter von Logistik hat 105.000 Quadratfuß gemietet, was 67% des Gebäudes entspricht, für einen Siebenjahresvertrag, der im März 2025 beginnt. Die 158.000 Quadratfuß große Einrichtung ist Teil eines größeren 121 Acre Projekts, das 2,2 Millionen Quadratfuß an Industrieverteilungsfläche über zehn Gebäude umfasst.
Die insgesamt erwartete Investition für Gebäude 33 beträgt 39,0 Millionen Dollar mit einer geschätzten stabilisierten Kapitalrendite von 5,9%. Das gesamte Countyline Corporate Park Phase IV Projekt hat eine prognostizierte Investition von 511,5 Millionen Dollar. Nach Fertigstellung im Jahr 2027 werden Terrenos kombinierte Projekte Countyline Corporate Park Phase III und IV 17 Gebäude mit insgesamt 3,5 Millionen Quadratfuß umfassen.
- Pre-leased 67% of Building 33 before completion, indicating strong demand
- Seven-year lease term provides long-term revenue stability
- Total expected investment of $39.0 million for Building 33 with 5.9% estimated stabilized cap rate
- Large-scale development project with 2.2 million square feet of industrial space
- Strategic location near major highways enhances property value and attractiveness to tenants
- Significant capital expenditure of $511.5 million for the entire Countyline Corporate Park Phase IV project
- Potential risks associated with large-scale construction and development projects
Insights
Terreno Realty 's pre-lease agreement for 67% of its Countyline Corporate Park Phase IV Building 33 in Hialeah, Florida, is a significant development for the company's portfolio. The
The seven-year lease with a third-party logistics provider for 105,000 square feet is particularly noteworthy, as it secures a substantial portion of the building's occupancy well before its completion in March 2025. This pre-leasing success indicates strong demand for industrial space in the area and potentially reduces the risk associated with the development.
The broader Countyline Corporate Park Phase IV project, with its
For investors, this development signals Terreno's strong position in a competitive market and its ability to attract long-term tenants. The pre-lease agreement provides a degree of revenue visibility and may positively impact the company's future cash flows. However, it's important to note that the overall success of the project will depend on leasing the remaining space and managing construction costs in the current economic environment.
The pre-lease of 105,000 square feet in Terreno's Countyline Corporate Park Phase IV Building 33 to a third-party logistics provider is indicative of the robust demand for modern logistics facilities in strategic locations. The building's specifications, including 36-foot clear height and ample loading positions, cater to the evolving needs of e-commerce and supply chain operations.
Miami's position as a key logistics hub for both domestic and international trade makes this development particularly attractive. The proximity to Florida's Turnpike and I-75 enhances the property's appeal for distribution operations, potentially allowing tenants to optimize their supply chain networks and reduce transportation costs.
The seven-year lease term suggests a long-term commitment from the logistics provider, which could be driven by anticipated growth in e-commerce and the need for stable, well-located distribution centers. This long-term occupancy provides Terreno with a stable income stream and may attract other logistics companies to the remaining available space.
For the broader industrial real estate market, this pre-lease agreement underscores the continued strength of the logistics sector, even in the face of economic uncertainties. It also highlights the importance of developing properties that meet the specific needs of modern logistics operations, including sustainability features like LEED certification, which are becoming increasingly important for corporate tenants with ESG commitments.
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 Corporate Park 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
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
Terreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal
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.
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Jaime Cannon
415-655-4580
Source: Terreno Realty Corporation
FAQ
What percentage of Terreno Realty's Building 33 in Hialeah, FL has been pre-leased?
When is the lease for Building 33 expected to commence?
What is the total expected investment for Countyline Corporate Park Phase IV?
How many square feet will Terreno's Countyline Corporate Park Phase III and IV contain in total?
