HIALEAH, FLA. — Terreno Realty Corp. (NYSE: TRNO), a San Francisco-based REIT, has acquired an industrial development site in the South Florida city of Hialeah for $173.6 million. The seller was not disclosed.
The 121-acre site, which formerly housed a landfill, is located within Countyline Corporate Park and is fully entitled for the development of 2.2 million square feet of industrial space across 10 buildings.
In addition, the site is adjacent to seven Terreno-owned buildings within Countyline Corporate Park, all of which are fully leased. The location provides users with quick access to the Florida Turnpike and the southern terminus of I-75.
Construction is already underway on a 191,000-square-foot rear-load building and a 506,000-square-foot cross-dock building. At the time of sale, those buildings were approximately 30 percent preleased.
Terreno expects to fully complete construction sometime in 2025. At that time, the buildings will offer a combined 660 dock-high doors, 22 grade-level loading positions and parking for 1,875 cars. The company estimates that the total price tag for the project will be about $491 million.
The stock price of Terreno Realty Corp. opened at $63.79 per share on Monday, Feb. 27, down slightly from $69.69 per share a year ago.
— Taylor Williams