Terreno Realty Corporation Announces Leases in Hialeah, FL
Terreno Realty (NYSE:TRNO) has achieved full occupancy at its Countyline Building 33 in Hialeah, Florida through three new lease agreements:
- A seven-year lease for 105,000 sq ft with a third-party logistics provider
- 28,000 sq ft lease with a business-to-business food purveyor
- 24,000 sq ft lease with a specialty elevator parts distributor
Building 33 is a 158,000 sq ft industrial distribution facility completed in January 2025, with a total investment of $39.9 million and estimated stabilized cap rate of 5.9%. The building is part of Countyline Corporate Park Phase IV, a 121-acre development project set to include 10 LEED-certified buildings totaling 2.2 million sq ft by 2027, with a total expected investment of $511.5 million.
Terreno Realty (NYSE:TRNO) ha raggiunto il pieno occupazione presso il suo Countyline Building 33 a Hialeah, Florida, attraverso tre nuovi contratti di locazione:
- Un contratto di locazione di sette anni per 105.000 piedi quadrati con un fornitore di logistica terzo
- Contratto di locazione di 28.000 piedi quadrati con un fornitore di alimenti business-to-business
- Contratto di locazione di 24.000 piedi quadrati con un distributore di parti per ascensori specializzati
Il Building 33 è un impianto di distribuzione industriale di 158.000 piedi quadrati completato a gennaio 2025, con un investimento totale di 39,9 milioni di dollari e un tasso di capitalizzazione stabilizzato stimato del 5,9%. L'edificio fa parte del Countyline Corporate Park Fase IV, un progetto di sviluppo di 121 acri che prevede l'inclusione di 10 edifici certificati LEED per un totale di 2,2 milioni di piedi quadrati entro il 2027, con un investimento totale previsto di 511,5 milioni di dollari.
Terreno Realty (NYSE:TRNO) ha alcanzado la plena ocupación en su Countyline Building 33 en Hialeah, Florida, a través de tres nuevos contratos de arrendamiento:
- Un contrato de arrendamiento de siete años por 105,000 pies cuadrados con un proveedor de logística externo
- Contrato de arrendamiento de 28,000 pies cuadrados con un proveedor de alimentos business-to-business
- Contrato de arrendamiento de 24,000 pies cuadrados con un distribuidor de piezas de ascensores especializados
El Building 33 es una instalación de distribución industrial de 158,000 pies cuadrados completada en enero de 2025, con una inversión total de 39.9 millones de dólares y una tasa de capitalización estabilizada estimada del 5.9%. El edificio es parte del Countyline Corporate Park Fase IV, un proyecto de desarrollo de 121 acres que incluirá 10 edificios certificados LEED que suman 2.2 millones de pies cuadrados para 2027, con una inversión total esperada de 511.5 millones de dólares.
Terreno Realty (NYSE:TRNO)는 플로리다 하이알레아에 위치한 Countyline Building 33에서 세 건의 새로운 임대 계약을 통해 완전 임대 상태를 달성했습니다:
- 제3자 물류 제공업체와의 105,000 평방피트에 대한 7년 임대 계약
- 비즈니스 간 식품 공급업체와의 28,000 평방피트 임대 계약
- 특수 엘리베이터 부품 유통업체와의 24,000 평방피트 임대 계약
Building 33은 2025년 1월에 완료된 158,000 평방피트 규모의 산업 배급 시설로, 총 투자액은 3,990만 달러이며 추정 안정화 자본화율은 5.9%입니다. 이 건물은 2027년까지 2.2백만 평방피트에 달하는 10개의 LEED 인증 건물이 포함될 Countyline Corporate Park 4단계의 일부이며, 총 예상 투자액은 5억 1,150만 달러입니다.
Terreno Realty (NYSE:TRNO) a atteint une occupation complète de son Countyline Building 33 à Hialeah, en Floride, grâce à trois nouveaux contrats de location :
- Un contrat de location de sept ans pour 105 000 pieds carrés avec un fournisseur logistique tiers
- Contrat de location de 28 000 pieds carrés avec un fournisseur alimentaire interentreprises
- Contrat de location de 24 000 pieds carrés avec un distributeur de pièces d'ascenseur spécialisées
Le Building 33 est une installation de distribution industrielle de 158 000 pieds carrés achevée en janvier 2025, avec un investissement total de 39,9 millions de dollars et un taux de capitalisation stabilisé estimé à 5,9 %. Le bâtiment fait partie du Countyline Corporate Park Phase IV, un projet de développement de 121 acres qui devrait inclure 10 bâtiments certifiés LEED totalisant 2,2 millions de pieds carrés d'ici 2027, avec un investissement total prévu de 511,5 millions de dollars.
Terreno Realty (NYSE:TRNO) hat die volle Auslastung seines Countyline Building 33 in Hialeah, Florida, durch drei neue Mietverträge erreicht:
- Ein siebenjähriger Mietvertrag über 105.000 Quadratfuß mit einem externen Logistikanbieter
- Ein Mietvertrag über 28.000 Quadratfuß mit einem Business-to-Business-Lebensmittelanbieter
- Ein Mietvertrag über 24.000 Quadratfuß mit einem Spezialanbieter von Aufzugsteilen
Das Building 33 ist eine 158.000 Quadratfuß große Industrie-Distributionsanlage, die im Januar 2025 fertiggestellt wurde, mit einer Gesamtinvestition von 39,9 Millionen Dollar und einer geschätzten stabilisierten Kapitalisierungsrate von 5,9%. Das Gebäude ist Teil des Countyline Corporate Park Phase IV, eines 121 Hektar großen Entwicklungsprojekts, das bis 2027 10 LEED-zertifizierte Gebäude mit insgesamt 2,2 Millionen Quadratfuß umfassen soll, mit einer insgesamt erwarteten Investition von 511,5 Millionen Dollar.
- 100% lease occupancy achieved for Building 33
- Secured long-term 7-year anchor tenant lease for 105,000 sq ft
- Project on track with Building 33 shell construction completed
- Phase IV development 63% complete and stabilized
- All buildings pursuing LEED certification
- 5.9% cap rate indicates relatively low yield in current market conditions
- Significant capital deployment of $511.5M creates execution risk
Insights
Terreno's announcement demonstrates strong execution of their industrial development strategy in the Miami market. The 100% leasing of Building 33 shortly after construction completion is notable in today's market, particularly securing a seven-year lease for the majority of the space (105,000 sq ft). This validates their site selection and development thesis at Countyline Corporate Park.
The tenant mix across logistics, food purveyor, and specialty parts distribution provides sector diversification within the property, reducing concentration risk. The longer-term lease with the logistics provider (66% of the building) creates income stability, while the rapid lease-up brings the broader Countyline Phase IV project to 63% complete and stabilized.
Financially, the
The successful execution reduces development risk while validating Terreno's broader strategy of focused investment in six coastal markets. The building's achievement of LEED certification also aligns with growing tenant and investor ESG preferences, potentially broadening its appeal to quality tenants.
— Countyline Building 33
— Countyline Phase IV
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 (of which five buildings totaling approximately 1.2 million square feet have already been completed and stabilized) 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, 2024 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/20250326798799/en/
Jaime Cannon
415-655-4580
Source: Terreno Realty Corporation
FAQ
What is the total square footage and occupancy rate of Terreno's Countyline Building 33 in Hialeah?
What is the expected completion timeline and total investment for TRNO's Countyline Corporate Park Phase IV?
What is the estimated stabilized cap rate for TRNO's Building 33 project?
How many buildings and square footage will TRNO's combined Countyline Phase III and IV contain?
When will Building 33 achieve stabilization according to TRNO's projections?
