Terreno Adds to $510M Industrial Campus in Miami

Building 41 is part of Countyline Corporate Park Phase IV. Image by Claudio Schwarz via Unsplash.com

Terreno Realty Corp. has completed Countyline Corporate Park Phase IV’s Building 41, a 191,000-square-foot industrial facility in Hialeah, Fla. The property is already 100 percent leased to an international logistics company.

Countyline Corporate Park Phase IV is a 121-acre industrial development designed to accommodate up to 2.2 million square feet of space. Plans call for 10 LEED-certified buildings that will include a total of 660 dock-high doors, 22 grade-level doors and parking space that can accommodate up to 1,875 vehicles. The $510.3 million project is expected to be delivered by 2027.

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Located at 3621 W. 112th Place, Building 41 features 32-foot clear heights, rear-load distribution, two grade-level loading positions, 62 dock-high doors and 196 parking spots. The property is a $41.2 million investment with a stabilized cap rate of 5.1 percent.

The 10.5-acre property is just west of Interstate 75, also having direct access to the Ronald Reagan Turnpike. Miami International Airport is some 17 miles away.

An expanding industrial campus

Terreno’s expansion at Countyline Corporate Park—the 620-acre master-planned industrial campus developed by Florida East Coast Industries—started in February, when the company purchased Phase IV’s site for $173.6 million. The acquisition was funded through Terreno’s 5.75 million-share offering, priced at $65.06 per share, with underwriters Goldman Sachs and KeyBanc Capital Markets expected to purchase 2.5 million shares each.

Current developments within Phase IV include buildings 38, 39 and 40, three facilities totaling 870,000 square feet. Their completion is estimated for 2024’s second and third quarter.

The developer also has a total of seven fully occupied industrial buildings within the adjacent Countyline Corporate Park Phase III. Tenants include Seven Point Equity Partners, which occupies the entire Building 24, together with Ciao Imports and Vanguard Logistics, among others, according to CommercialEdge. Phase IV and III are expected to total 3.5 million square feet across 17 industrial buildings at full build-out.