\nTerreno Realty Corporation (NYSE:TRNO<\/a>), an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, announced today that it has pre-leased 220,000 square feet in Countyline Corporate Park Phase IV Building 35 in Hialeah, Florida to a national tire distributor commencing with building completion and tenant build-out, expected to be in the fourth quarter of 2026, and expiring July 2032. Building 35, the final of ten buildings developed by Terreno Realty Corporation in Countyline Corporate Park, is under construction and is expected to achieve LEED certification with a total expected investment of $51.3 million. The estimated stabilized cap rate is 6.0%.<\/p>\n
\nCountyline Corporate Park Phase IV consists of a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings in Miami\u2019s Countyline Corporate Park (\u201cCountyline\u201d), immediately adjacent to Terreno Realty Corporation\u2019s seven buildings within Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to Florida\u2019s 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 655 dock-high and 23 grade-level loading positions and parking for 1,875 cars for a total expected investment of approximately $508.5 million.<\/p>\n
\nTaken together, Terreno Realty Corporation\u2019s Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet.<\/p>\n
\nEstimated 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\u2019s due diligence and closing costs, estimated near-term capital expenditures and leasing costs necessary to achieve stabilization.<\/p>\n
\nTerreno Realty Corporation acquires, owns and operates industrial real estate in six major coastal U.S. markets: New York City\/Northern New Jersey; Los Angeles; Miami; San Francisco Bay Area; Seattle and Washington, D.C.<\/p>\n