MIAMI - Terreno Realty Corporation (NYSE:TRNO), known for its industrial real estate portfolio in major U.S. coastal markets, has announced the start of construction for two new industrial distribution buildings in Hialeah, Florida, as part of the expansion of Countyline Corporate Park.
The completion of these buildings, numbered 32 and 33, is slated for 2025, with the aim to achieve LEED certification.
Building 32 will encompass 164,000 square feet and feature a 36-foot clear height rear-load design, suitable for industrial distribution. It will be situated on 8.3 acres, providing 53 dock-high and two grade-level loading positions, alongside parking for 148 cars. Similarly, Building 33 is planned to be a 158,000 square foot facility with identical clear height and loading features, positioned on 9.0 acres, and will offer parking for 136 cars.
The total investment for these two buildings is projected at $79.1 million with an estimated stabilized cap rate of 6.0%. The cap rate, a common real estate metric used to estimate the potential return on investment, indicates the expected yield based on the net operating income and total acquisition cost once the buildings reach market occupancy rates.
These constructions are part of the larger Phase IV development of the Countyline Corporate Park, which covers 121 acres and is entitled for 2.2 million square feet of industrial space. By its expected completion in 2027, the park will house ten LEED-certified buildings, offering substantial loading and parking capacity with a total projected investment of approximately $511.5 million.
Upon finalization, Phase III and IV of the Countyline Corporate Park will collectively feature 17 buildings, totaling 3.5 million square feet of industrial distribution space. Terreno Realty's strategic development aims to bolster its presence in Miami, complementing its existing industrial real estate operations across Los Angeles, Northern New Jersey/New York City, San Francisco Bay Area, Seattle, and Washington, D.C.
The information in this article is based on a press release statement
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