Terreno Realty Completes $43M Industrial Building in Hialeah

Event summary

  • Terreno Realty completed a 164,000 sq. ft. industrial building in Hialeah, FL, fully leased to two tenants.
  • The project cost $43.4M with an estimated stabilized cap rate of 6.0% and aims for LEED certification.
  • Countyline Corporate Park Phase IV will eventually include 2.2M sq. ft. across ten buildings by 2027.
  • Total investment for Phase IV is expected to reach $511.5M, adding to Terreno's existing 3.5M sq. ft. in the area.

The big picture

Terreno's completion of another industrial asset in Miami underscores its focus on high-growth coastal markets. The project reflects broader trends in logistics real estate development, particularly near transportation hubs like Florida's Turnpike. With $511.5M allocated for Phase IV alone, the scale highlights Terreno's aggressive expansion strategy in a market facing supply constraints and strong demand from e-commerce tenants.

What we're watching

Portfolio Expansion
How Terreno's continued investment in Miami aligns with coastal market demand trends.
Sustainability Premiums
Whether LEED certification will enhance asset valuations or tenant retention rates.
Cap Rate Stability
The pace at which stabilized cap rates may shift amid rising construction costs and interest rates.