Terreno Realty Corporation has begun construction on Building 35 of its Countyline Corporate Park Phase IV in Hialeah, Florida. The new facility will span 220,000 sq ft with a 36‑foot clear height, 78 dock‑high loading positions, two grade‑level docks, and parking for 185 vehicles, positioning it as a high‑capacity logistics hub in a prime Miami market.
The project sits on a 10.7‑acre parcel and is part of a 121‑acre Phase IV that will ultimately house ten LEED‑certified industrial buildings totaling roughly 2.2 million sq ft. Terreno has earmarked $55.5 million for Building 35, with an estimated stabilized cap rate of 6.0 %. The shell is expected to be completed in the fourth quarter of 2026, after which the building will be leased to e‑commerce and logistics tenants seeking modern, energy‑efficient space.
This construction milestone marks the final building in Phase IV and expands Terreno’s footprint in the Miami market, a high‑barrier‑to‑entry coastal hub. The company’s strategy of acquiring, owning, and operating infill industrial real estate in six major U.S. coastal markets is reinforced by this project, which offers LEED certification and extensive dock‑high capacity—features that attract high‑growth logistics and e‑commerce tenants and support long‑term rental income and capital appreciation.
Terreno’s recent financial performance underscores the company’s execution strength. In Q3 2025, the company reported earnings per share of $1.00 versus a consensus of $0.66, a beat of $0.34 driven by disciplined cost control and a favorable mix of high‑margin tenants. Revenue rose to $116.25 million from $114.62 million, a $1.63 million increase supported by robust demand in core segments. Operating margin stood at 39.36 % and net margin at 72.5 %, reflecting efficient operations and strong pricing power. Trailing‑12‑month EPS growth of 74 % and revenue growth of 21 % further illustrate the company’s accelerating profitability.
Analysts have maintained a moderate‑buy stance on Terreno, with a consensus price target of $67.25 and recent upgrades that signal confidence in the company’s strategy. The dividend yield of approximately 3.3 % adds an income dimension to the investment, while the company’s conservative capital structure and focus on high‑barrier markets provide resilience against market volatility.
The commencement of Building 35 signals Terreno’s continued investment in the Miami market and its confidence in the long‑term demand for modern, sustainable distribution facilities. The project is expected to generate steady rental income and contribute to the company’s portfolio growth, reinforcing its position as a leading operator of infill industrial real estate in major U.S. coastal markets.
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