Terreno Realty Corporation Announces Development Starts in Hialeah, FL
February 26 2024 - 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, announced today that it has commenced construction of
Countyline Corporate Park Phase IV Buildings 32 and 33 in Hialeah,
Florida. Building 32 of Terreno Realty Corporation’s Countyline
Corporate Park is a 164,000 square foot 36-foot clear height
rear-load industrial distribution building on 8.3 acres with 53
dock-high and two grade-level loading positions and parking for 148
cars. Building 33 of Terreno Realty Corporation’s Countyline
Corporate Park is a 158,000 square foot 36-foot clear height
rear-load industrial distribution building on 9.0 acres with 53
dock-high and two grade-level loading positions and parking for 136
cars. The buildings are expected to be completed in 2025 and
achieve LEED certification, the total expected investment is $79.1
million and the estimated stabilized cap rate is 6.0%.
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 fully-leased 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: 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 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
Terreno Realty (NYSE:TRNO)
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