{"id":1004646875,"date":"2023-02-21T04:15:00","date_gmt":"2023-02-21T12:15:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004646875"},"modified":"2025-02-24T02:02:13","modified_gmt":"2025-02-24T10:02:13","slug":"terreno-to-develop-491m-miami-project","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/terreno-to-develop-491m-miami-project\/","title":{"rendered":"Terreno to Develop $491M Miami Industrial Project"},"content":{"rendered":"
\"Generic<\/a>

Image by Scott Blake via unsplash.com<\/p><\/div>\n

Terreno Realty Corp.<\/strong> intends to further expand at Countyline Corporate Park, a 620-acre master-planned industrial campus developed by Florida East Coast Industries<\/strong> in Hialeah, Fla.<\/p>\n

According to a Securities and Exchange Commission Filing from February 9, Terreno plans to pay $173.6 million for a 121-acre site within the Hialeah industrial park where a 2.2 million-square-foot campus is envisioned. Development costs would total some $491.1 million.<\/p>\n

The land purchase is part of a four-property round of investments valued at $259.5 million. The acquisitions will be funded through Terreno\u2019s 5.75 million-share offering, priced at $65.06 per share. Underwriters Goldman Sachs<\/strong> and KeyBanc Capital Markets <\/strong>agreed to purchase 2.5 million shares each, generating a combined $356.2 million in financing, according to Bisnow.<\/p>\n

Future developments in a sought-after campus<\/h2>\n

Already 29.8 percent preleased, the Hialeah development site includes a completed 191,000-square-foot warehouse and a 506,000-square-foot distribution center, currently underway. Terreno intends to develop eight additional buildings, slated for completion by 2025. The 10 facilities are expected to obtain LEED certification.<\/p>\n

The site that Terreno plans to acquire is near seven fully occupied properties that the firm already owns in Countyline Corporate Park. In July 2021, the company paid $39.4 million<\/a> for a 221,000-square-foot facility that was sold by Flagler Global Logistics, the master developer\u2019s subsidiary, after having purchased the park’s buildings 24 and 25 in April for $50 million.<\/p>\n

The 8.5 million-square-foot Countyline Corporate Park has attracted the investors’ attention in recent years. Also in 2021, CenterPoint Properties acquired two facilities at the same business park, totaling more than 1 million square feet<\/a>. The buildings, leased to Home Depot, traded for $184 million.<\/p>\n

Ares Management also made acquisitions within Countyline Corporate Park<\/a> in 2022. The company paid $62 million for two under-construction buildings.<\/p>\n","protected":false},"excerpt":{"rendered":"

At full build-out, the campus will total 2.2 million square feet.<\/p>\n","protected":false},"author":2991,"featured_media":1004646881,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21825,21748,1492,21742],"tags":[36006,33435,35563,32779,33863],"class_list":["post-1004646875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-finance","category-industrial","category-miami","category-latest","tag-flagler-global-logistics","tag-goldman-sachs","tag-keybanc-capital-markets","tag-leed","tag-terreno-realty-corporation"],"acf":[],"yoast_head":"\nTerreno to Develop $491M Miami Industrial Project - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Terreno Realty Corp.\u00a0plans to acquire 121 acres within Countyline Corporate Park in Hialeah, Fla., for a 2.2 million-square-foot campus.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/terreno-to-develop-491m-miami-project\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Terreno to Develop $491M Miami Industrial Project\" \/>\n<meta property=\"og:description\" content=\"Terreno Realty Corp.\u00a0plans to acquire 121 acres within Countyline Corporate Park in Hialeah, Fla., for a 2.2 million-square-foot campus.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/terreno-to-develop-491m-miami-project\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-02-21T12:15:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-02-24T10:02:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/02\/scott-blake-x-ghf9LjrVg-unsplash-e1676972437389.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1068\" \/>\n\t<meta property=\"og:image:height\" content=\"801\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Simona Tudose\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/terreno-to-develop-491m-miami-project\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/terreno-to-develop-491m-miami-project\/\",\"name\":\"Terreno to Develop $491M Miami Industrial Project - 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