Terreno Realty Corporation Announces Lease in Hialeah, FL
20 Juin 2023 - 3:15PM
Business Wire
Provides Development Update on Countyline Corporate Park Phase
IV
Terreno Realty Corporation (NYSE:TRNO), an acquirer,
owner and operator of industrial real estate in six major coastal
U.S. markets, announced today that it has executed a lease for
41,000 square feet in Hialeah, Florida with an international
logistics services provider. The ten-year lease is expected to
commence in November 2023 upon completion of tenant improvements.
Building 41 of Terreno Realty Corporation’s Countyline Corporate
Park Phase IV, a 191,000 square foot, 32-foot clear height
rear-load industrial distribution building, is now 100% pre-leased
and is expected to complete construction in the third quarter of
2023 and achieve LEED certification. Total estimated investment is
$41.4 million and the expected stabilized cap rate is 5.1%.
Building 38 of Terreno Realty Corporation’s Countyline Corporate
Park Phase IV, a 506,000 square foot 36-foot clear height
cross-dock industrial distribution building, is under construction
and expected to be completed in the third quarter of 2024. Building
38 is 100% pre-leased and expected to achieve LEED certification.
Total estimated investment is $88.8 million and the estimated
stabilized cap rate is 5.0%.
During the second quarter of 2023 Terreno Realty Corporation
commenced construction of buildings 39 and 40 of Terreno Realty
Corporation’s Countyline Corporate Park Phase IV. The buildings,
expected to achieve LEED certification and achieve stabilization in
the fourth quarter of 2024, will be 36-foot clear height rear-load
industrial distribution buildings containing in aggregate 364,000
square feet. Total estimated investment is $84.6 million and the
estimated stabilized cap rate is 6.0%.
Countyline Corporate Park Phase IV is 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 2025, Countyline 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 $492.7 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.
Estimated stabilized cap rates are calculated as annualized cash
basis net operating income stabilized to market occupancy
(generally 95%) divided by total acquisition cost. Total
acquisition cost includes the initial purchase price, the effects
of marking assumed debt to market, buyer’s due diligence and
closing costs, estimated near-term capital expenditures and leasing
costs necessary to achieve stabilization.
Terreno Realty Corporation acquires, owns and operates
industrial real estate in six major coastal U.S. markets: Los
Angeles; Northern New Jersey/New York City; San Francisco Bay Area;
Seattle; Miami; and Washington, D.C.
Additional information about Terreno Realty Corporation is
available on the company’s web site at
www.terreno.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of the federal securities laws. We caution investors
that forward-looking statements are based on management’s beliefs
and on assumptions made by, and information currently available to,
management. When used, the words “anticipate,” “believe,”
“estimate,” “expect,” “intend,” “may,” “might,” “plan,” “project,”
“result,” “should,” “will,” “seek,” “target,” “see,” “likely,”
“position,” “opportunity,” “outlook,” “potential,” “enthusiastic,”
“future” and similar expressions which do not relate solely to
historical matters are intended to identify forward- looking
statements. These statements are subject to risks, uncertainties,
and assumptions and are not guarantees of future performance, which
may be affected by known and unknown risks, trends, uncertainties,
and factors that are beyond our control, including risks related to
our ability to meet our estimated forecasts related to stabilized
cap rates, the impact of the COVID-19 pandemic on our business, our
tenants and the national and local economies, and those risk
factors contained in our Annual Report on Form 10-K for the year
ended December 31, 2022 and our other public filings. Should one or
more of these risks or uncertainties materialize, or should
underlying assumptions prove incorrect, actual results may vary
materially from those anticipated, estimated, or projected. We
expressly disclaim any responsibility to update our forward-looking
statements, whether as a result of new information, future events,
or otherwise, except as required by law. Accordingly, investors
should use caution in relying on past forward-looking statements,
which are based on results and trends at the time they are made, to
anticipate future results or trends.
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version on businesswire.com: https://www.businesswire.com/news/home/20230616129644/en/
Jaime Cannon 415-655-4580
Terreno Realty (NYSE:TRNO)
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