Terreno Realty Corporation Announces Development Breakthrough in Hialeah, FL – StockTitan

28/10/2024 – 09:15 a.m

– Building 34 70% pre-hired

BELLEVUE, Wash.—(BUSINESS WIRE)–
Terreno Realty Corporation (NYSE:TRNO), an acquirer, owner and operator of industrial real estate in six major coastal areas USA markets, announced today that construction has begun on Countyline Corporate Park Phase IV Building 34 in Hialeah, Florida. Terreno Realty Corporation’s Countyline Corporate Park Building 34 is a 220,000-square-foot, 36-foot clear height rear-loading industrial distribution building on 13.0 acres with 76 tall docks and two level loading bays and parking for 188 cars. Building 34 was 70% pre-leased to a cruise ship industry supplier of perishable food products and food service supplies, beginning with building completion and tenant build-out, expected to be in the third quarter of 2025 and expiring in February 2033 d. Building 34 is expected to achieve LEED certification, the total expected investment is $55.9 million and the expected stabilized interest rate is 5.7%.

Countyline Corporate Park Phase IV consists of a 121-acre project entitled to 2.2 million square feet of industrial distribution buildings at Countyline Corporate Park in Miami (“Countyline”) adjacent to Terreno Realty Corporation’s seven buildings in Countyline (Countyline Corporate Park Phase III). Countyline is a landfill redevelopment adjacent to the Florida Turnpike and the south end of I-75, located at the intersection of NW 170th Street and NW 107th Avenue. With an 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 docks high and 22 at-grade loading bays and parking for 1,875 cars for a total expected investment of approx $511.5 million.

Combined, Phases III and IV of Terreno Realty Corporation’s Countyline Corporate Park will contain 17 industrial distribution buildings and 3.5 million square feet.

Estimated stabilized interest rates are calculated as net operating income on an annual basis, stabilized against market occupancy (typically 95%), divided by the total cost of acquisition. The total acquisition cost includes the initial purchase price, the effects of marking the assumed debt to market, buyer due diligence and closing costs, expected short-term capital expenditures and lease costs necessary to achieve stabilization.

Terreno Realty Corporation acquires, owns and manages industrial real estate in six major coastal areas USA markets: Northern New Jersey/New York City; Los Angeles; Miami; San Francisco Bay Area; Seattle and Washington, DC

Additional information about Terreno Realty Corporation is available on the company’s website at www.terreno.com.

Forward-looking statements

This press release contains forward-looking statements within the meaning of federal securities laws. We caution investors that forward-looking statements are based on management’s beliefs and assumptions made by management and information currently available to it. When used, the words “anticipate,” “believe,” “estimate,” “expect,” “intend,” “may,” “could,” “plan,” “project,” “result,” “should,” ” will”, “looking”, “target”, “see”, “likely”, “position”, “opportunity”, “prospect”, “potential”, “enthusiastic”, “future” and similar expressions that do not refer only in 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 beyond our control, including risks related to our ability to meet our forward-looking statements relating to stabilized interest 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. If one or more of these risks or uncertainties materialize, or if underlying assumptions prove incorrect, actual results may differ materially from those expected, estimated or projected. We expressly disclaim any obligation 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 exercise caution in relying on past forward-looking statements that are based on results and trends at the time they are made to predict future results or trends.

Check out the source version on businesswire.com:

Jaime Cannon

415-655-4580

Source: Terreno Realty Corporation