Terreno Realty Corporation announced that it has pre-leased 100% of Countyline Corporate Park Phase IV Building 39 in Hialeah, Florida. The ten-year lease, an expansion of an existing Terreno Realty Corporation tenant, a provider of turbine engine disassembly, repair, logistics and storage services, will commence upon completion of tenant improvements expected to be in June 2024. Currently under construction, Building 39 of Terreno Realty Corporation?s Countyline Corporate Park is a 178,000 square foot 36-foot clear height rear-load industrial distribution building on 10.9 acres with 58 dock-high and two grade-level loading positions and parking for 156 cars.

The building is expected to achieve LEED certification, the total expected investment is $43.8 million and the estimated stabilized cap rate is 5.8%. Countyline Corporate Park Phase IV consists of a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings in Miami?s Countyline Corporate Park (?Countyline?), immediately adjacent to Terreno Realty Corporation?s seven fully-leased buildings within Countyline (Countyline Corporate Park Phase III). 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 Corporate Park 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 $511.5 million. Taken together, Terreno Realty Corporation?s Countyline Corporate Park Phase III and IV will contain 17 industrial distribution buildings and 3.5 million square feet.