Terreno Realty Completes 186 KSF Facility Near Miami

May 29, 2024

Development Industrial Miami NewsMoreSoutheast

The building is part of an almost $512 million development.

2411 Sante Fe Ave. Image courtesy of CommercialEdge — Among Terreno Realty Corp.’s recent additions to its industrial portfolio is this 112,000-square-foot facility in Redondo Beach, Calif., which it acquired last year for $45.7 million. *Image courtesy of CommercialEdge*

Terreno Realty Corp. has completed Countyline Corporate Park Phase IV Building 40, a 186,000-square-foot facility in Hialeah, Fla., a Miami submarket. The owner expects its total investment to reach $43.8 million, with an estimated stabilized cap rate of 6.3 percent.

VS Real Estate is the developer of Countyline Corporate Park Phase IV, a 121-acre, $511.5 million project within the 620-acre master-planned industrial park developed by Florida East Coast Industries. Completion of the 10-building, 2.2 million-square-foot campus is scheduled in 2027.

Terreno acquired the land in 2023 for $173.6 million. Adjacent to the site is the development’s third phase, consisting of seven buildings. Combined, the two projects will total about 3.5 million square feet.

Building 40, which is already fully leased to four tenants, features 36-foot clear heights, 60 dock-high loading doors and two drive-in doors, as well as 159 cars.

Built to meet LEED standards, the facility occupies 9.1 acres at 3741 W. 112th Place, providing easy access to Interstate 75 and Highway 27. Miami International Airport, Downtown Miami and the Port of Miami are all within 25 miles.

Terreno’s growing industrial portfolio

Terreno Realty Corp. owns and operates industrial assets in six major coastal U.S. markets. The company’s current portfolio consists of 258 facilities, totaling around 15.8 million square feet.

In April, Terreno acquired Fleet Industrial Park, a four-building, 357,000-square-foot logistics campus in Alexandria, Va., for $84.3 million. State Teachers Retirement System of Ohio was the seller.

Last October, the firm paid $45.7 million for a two-building, 112,000-square-foot infill industrial park in Redondo Beach, Calif. The campus came online in 1968 and was previously owned by Link Logistics.