Terreno Realty Corporation announced today that it has commenced construction of Countyline Corporate Park Phase IV Building 36, a 214,000‑square‑foot industrial distribution building in Hialeah, Florida. The structure features a 36‑foot clear height, 75 dock‑high and two grade‑level loading positions, and parking for 185 cars. The building is already 51% pre‑leased to an international logistics management company, with tenant build‑out expected to begin in the first quarter of 2027 and the lease expiring in June 2037.
The project’s total investment is $54.1 million, and the building is projected to achieve LEED certification. Management estimates a stabilized cap rate of 5.8% for Building 36, reflecting the strong demand and high quality of the asset. These figures underscore the company’s commitment to expanding its portfolio with high‑quality, energy‑efficient facilities in a key market.
Countyline Corporate Park Phase IV is part of a 121‑acre development that will ultimately contain ten LEED‑certified industrial distribution buildings totaling approximately 2.2 million square feet. Combined with the existing seven buildings in Phase III, the project will comprise 17 buildings and 3.5 million square feet of industrial space, with 655 dock‑high and 23 grade‑level loading positions and 1,875 parking spaces. The overall investment for Phase IV is estimated at $511.5 million, positioning Terreno to capture a significant share of the Miami infill industrial market.
This construction start represents a major operational milestone for Terreno, expanding its presence in a high‑barrier‑to‑entry coastal market and adding substantial, pre‑leased, LEED‑certified capacity. The pre‑lease and projected cap rate signal strong tenant demand and a favorable return profile, while the expansion enhances the company’s portfolio quality and potential revenue streams in a market that continues to experience robust logistics activity. The development aligns with Terreno’s strategy of acquiring and developing infill industrial assets in key coastal markets, reinforcing its competitive position and long‑term growth prospects.
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