Terreno Realty Corporation Acquires Property in Hialeah, FL for $173.6 Million
February 24 2023 - 9:15AM
Business Wire
Terreno Realty Corporation (NYSE:TRNO), an acquirer,
owner and operator of industrial real estate in six major coastal
U.S. markets, acquired an industrial property in Hialeah, Florida
on February 23, 2023 for a purchase price of approximately $173.6
million.
The property 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 fully-leased buildings within
Countyline. The project, a landfill redevelopment adjacent to
Florida’s Turnpike and the southern terminus of I-75, is 29.9%
pre-leased with one 191,000 square foot rear-load industrial
distribution building and one 506,000 square foot cross-dock
industrial distribution building under construction. At expected
completion in 2025 the project, located at the intersection of NW
170th Street and NW 107th Avenue, 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 $491.4 million. The
estimated stabilized cap rate of the two buildings under
construction is 5.0% and of the eight buildings to be constructed
is 6.0%.
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, the impact of the COVID-19 pandemic on our business, our
tenants and the national and local economies, and those risk
factors contained in our Annual Report on Form 10-K for the year
ended December 31, 2022 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/20230220005218/en/
Jaime Cannon 415-655-4580
Terreno Realty (NYSE:TRNO)
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