Terreno Realty Corporation TRNO announced that it has leased 100% of Countyline Corporate Park Phase IV Building 33 in Hialeah, FL. The leasing reflects solid demand for the company’s properties.

The property has been leased to three different tenants.  A seven-year lease with a third-party logistics provider encompasses 105,000 square feet of space. It started upon the completion of building construction and tenant improvements in March 2025. Additionally, TRNO has leased 28,000 square feet of space to a business-to-business food purveyor and 24,000 square feet to a distributor of specialty elevator parts.

Countyline Corporate Park Phase IV comprises a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings in Miami’s Countyline Corporate Park. It is located adjacent to TRNO’s seven buildings in Countyline Corporate Park Phase III. It is a landfill redevelopment positioned adjacent to Florida's Turnpike and the southern terminus of I-75, located at the intersection of NW 170th Street and NW 107th Avenue.

Building 33 of Countyline Corporate Park is a 158,000-square-foot, 36-foot clear-height rear-load industrial distribution building on 9 acres. It is equipped with 53 dock-high and two grade-level loading positions and parking space for 136 cars. The building, with a total expected investment of $39.9 million and an estimated stabilized cap rate of 5.9%, is expected to achieve LEED certification. The stabilization of this building is expected in the third quarter of 2025 with the tenant improvements of two recently signed leases. This stabilization will bring Countyline Corporate Phase IV to 63% complete and stabilized.

Upon its anticipated completion in 2027, Countyline Corporate Phase IV is likely to comprise ten LEED-certified industrial distribution buildings, encompassing a total area of approximately 2.2 million square feet. These buildings will offer 660 dock-high and 22 grade-level loading positions, along with parking spaces for 1,875 cars. The estimated investment for this project is approximately $511.5 million. Moreover, TRNO’s Countyline Corporate Park Phase III and IV will comprise 17 industrial distribution buildings and 3.5 million square feet.

Final Thoughts on TRNO Stock & Its Industry

With a solid operating platform, a healthy balance sheet position and strategic expansion moves, TRNO seems well-positioned to capitalize on long-term growth opportunities amid favorable industry fundamentals. This Countyline project strengthens Terreno's strategic positioning in the regional industrial real estate sector. With an advantageous location, the buildings are expected to lure tenants and enjoy high occupancy.

In a rising e-commerce market, the industrial real estate asset category has grabbed headlines and continues to play a pivotal role, transforming the way consumers shop and receive their goods.

Companies like TRNO, Prologis PLD and First Industrial Realty Trust FR are making immense efforts to improve supply-chain efficiencies, propelling demand for logistics infrastructure and efficient distribution networks. Resilience is essential to the future supply chain. Therefore, over the long term, apart from the fast adoption of e-commerce, logistics real estate is expected to benefit from a likely increase in inventory levels.

Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.

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