Terreno Realty Completes Development of Countyline Corporate Park Phase IV in Florida
Terreno Realty completed the development and stabilization of Countyline Corporate Park Phase IV Building 34 in Hialeah, Florida. Building 34 is 100% leased to three tenants. Building 34 of Terreno Realty Corporation's Countyline Corporate Park is a 220,000 square foot 36-foot clear height rear-load industrial distribution building on 13.0 acres with 76 dock-high and two grade-level loading positions and parking for 188 cars. The building is expected to achieve LEED certification, the total investment is $55.3M and the estimated stabilized cap rate is 5.7%. Countyline Corporate Park Phase IV consists of a 121-acre project entitled for 2.2M square feet of industrial distribution buildings in Miami's Countyline Corporate Park, immediately adjacent to Terreno Realty Corporation's seven buildings within Countyline. Countyline is a landfill redevelopment adjacent to Florida's 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 Phase IV is expected to contain ten LEED-certified industrial distribution buildings totaling approximately 2.2 million square feet providing 660 dock-high and 22 grade-level loading positions and parking for 1,875 cars for a total expected investment of approximately $508.5M. Taken together, Terreno Realty Corporation's Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5M square feet.
