By james art 
BELLEVUE, Wash.–(BUSINESS WIRE)–Terreno Realty Corporation (NYSE: TRNO), an acquirer, owner and operator of industrial real estate in six major U.S. coastal markets, announced today that it has begun construction 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 is 70% pre-leased to a supplier of perishable food products and foodservice supplies to the cruise ship industry, beginning with building completion and tenant build-out, which is expected to be in the third quarter of 2025 .and expires in February 2033. Building 34 is expected to receive LEED certification, the total expected investment is $55.9 million, and the estimated stabilized limit 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 vehicles for a total estimated investment of approximately $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 cap levels are calculated as annualized net operating income stabilized to market occupancy (typically 95%) divided by total acquisition cost. 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 US coastal markets: Northern New Jersey/New York; 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.