Terreno Realty Expands Operations with New Industrial Facility
Terreno Realty Corporation Completes New Development
Terreno Realty Corporation (NYSE:TRNO), known for acquiring and operating industrial real estate across major coastal U.S. markets, has successfully finalized the development of Countyline Corporate Park Phase IV, specifically Building 39. This state-of-the-art facility, located in Hialeah, is a remarkable achievement, as it is 100% leased to a single tenant, showcasing Terreno Realty's strong demand in the industrial market.
Specifications of Building 39
This expansive building covers an impressive 178,000 square feet and boasts a 36-foot clear height, making it ideal for various distribution activities. The site, which stretches over 10.9 acres, is equipped with 58 dock-high and two grade-level loading positions, ensuring efficient operations. Furthermore, there is ample parking available for up to 156 vehicles. With a total investment projected at $43.8 million, Building 39 is anticipated to achieve LEED certification, emphasizing Terreno Realty Corporation's ongoing commitment to sustainability.
Future Prospects of Countyline Corporate Park
The Countyline Corporate Park Phase IV encompasses a much larger vision, with the entire project entitled to accommodate around 2.2 million square feet of industrial distribution space. This significant development is set on a 121-acre site within Miami’s Countyline Corporate Park, adjacent to six existing buildings owned by Terreno Realty Corporation under Countyline Corporate Park Phase III. Once completed, the entire Phase IV is estimated to host ten LEED-certified industrial buildings, offering a total of approximately 660 dock-high and 22 grade-level loading positions, along with parking for over 1,875 cars. Altogether, the expected investment for this phase is roughly $511.5 million, slated for completion by 2027.
The Impact of the New Developments
The combination of Countyline Corporate Park Phases III and IV will yield a total of 17 industrial distribution buildings with a combined area of 3.5 million square feet. This major expansion is poised to strengthen Terreno Realty Corporation’s position in the competitive industrial real estate market.
Understanding Stabilized Cap Rates
Stabilized cap rates are a critical metric in evaluating the performance of real estate investments. For Terreno Realty, these are calculated by assessing the annualized cash basis net operating income, which is adjusted to reflect market occupancy rates, typically around 95%. The total acquisition cost incorporates various factors including the initial purchase price, the influences of any assumed debt, buyer’s due diligence, and additional costs necessary for achieving stabilization, such as capital expenses and leasing costs.
Terreno Realty's Market Reach
Terreno Realty Corporation primarily operates in six prominent coastal U.S. markets, which include Northern New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C. This regional focus allows the corporation to capitalize on the increasing demand for industrial space in these key locations.
About Terreno Realty Corporation
For further insights and details about Terreno Realty Corporation’s ongoing projects and investment strategies, more comprehensive information can be accessed on the company’s official web page.
Frequently Asked Questions
What is the significance of Building 39's completion?
Building 39 is fully leased and represents a strategic development that aligns with Terreno Realty's growth in industrial real estate.
How large is the Countyline Corporate Park Phase IV project?
The project is set to include 2.2 million square feet of industrial distribution space upon completion.
What are the sustainability goals of Terreno Realty?
Building 39 is expected to achieve LEED certification, reflecting the company’s commitment to sustainable development practices.
What kind of loading positions will be available in the new facility?
Building 39 will offer 58 dock-high and two grade-level loading positions for efficient distribution operations.
In which U.S. markets does Terreno Realty operate?
Terreno Realty operates in major coastal markets, including Northern New Jersey/New York City, Los Angeles, Miami, San Francisco Bay Area, Seattle, and Washington, D.C.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
Disclaimer: The content of this article is solely for general informational purposes only; it does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice; the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. The author's interpretation of publicly available data shapes the opinions presented here; as a result, they should not be taken as advice to purchase, sell, or hold any securities mentioned or any other investments. The author does not guarantee the accuracy, completeness, or timeliness of any material, providing it "as is." Information and market conditions may change; past performance is not indicative of future outcomes. If any of the material offered here is inaccurate, please contact us for corrections.