Terreno Realty Corporation Announces Development Start in Hialeah, FL
October 28 2024 - 8:15AM
Business Wire
-Building 34 70% pre-leased
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 commenced construction of
Countyline Corporate Park Phase IV Building 34 in Hialeah, Florida.
Building 34 of Terreno Realty Corporation’s Countyline Corporate
Park is a 220,000 square foot 36-foot clear height rear-load
industrial distribution building on 13.0 acres with 76 dock-high
and two grade-level loading positions and parking for 188 cars.
Building 34 has been 70% pre-leased to a cruise ship industry
provider of non-perishable food items and food service supplies
commencing with building completion and tenant build-out, expected
to be in the third quarter of 2025, and expiring February 2033.
Building 34 is expected to achieve LEED certification, the total
expected investment is $55.9 million and the estimated stabilized
cap rate is 5.7%.
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 $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: Northern
New Jersey/New York City; Los Angeles; Miami; San Francisco Bay
Area; Seattle 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20241016959756/en/
Jaime Cannon 415-655-4580
Terreno Realty (NYSE:TRNO)
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