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Terreno Concludes Development of Distribution Building in Hialeah
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Terreno Realty Corporation (TRNO - Free Report) recently announced the completion of the development and stabilization of Countyline Corporate Park Phase IV Building 39 in Hialeah, FL, effective Sept. 30, 2024. This building has been 100% leased to one tenant.
Building 39, with a 36-foot clear height, is located in Terreno Realty’s Countyline Corporate Park. This 178,000-square-foot industrial distribution building is placed on 10.9 acres of land. It includes 58 dock-high and two grade-level loading positions, as well as parking for 156 cars.
The building, with a total expected investment of $43.8 million and an estimated stabilized cap rate is 5.8%, is expected to achieve LEED certification.
Countyline Corporate Park Phase IV
Countyline Corporate Park Phase IV encompasses a 121-acre project approved for the construction of 2.2 million square feet of industrial distribution buildings in Miami's Countyline Corporate Park (“Countyline”). Countyline itself is a landfill redevelopment area, 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.
Upon its anticipated completion in 2027, Countyline 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.
Terreno Realty’s Countyline Corporate Park Phases III and IV will feature a total of 17 industrial distribution buildings, covering 3.5 million square feet. This development 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.
TRNO: In a Nutshell
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. However, the elevated supply of industrial real estate is a key concern.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have risen 10.8%, underperforming the industry’s growth of 18.5%.
The Zacks Consensus Estimate for Lamar Advertising’s 2024 FFO per share of $8.09 indicates an 8.3% increase year over year.
The Zacks Consensus Estimate for Cousins Properties’ 2024 FFO per share is pegged at $2.67, which suggests 1.9% year-over-year growth.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.
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Terreno Concludes Development of Distribution Building in Hialeah
Terreno Realty Corporation (TRNO - Free Report) recently announced the completion of the development and stabilization of Countyline Corporate Park Phase IV Building 39 in Hialeah, FL, effective Sept. 30, 2024. This building has been 100% leased to one tenant.
Building 39, with a 36-foot clear height, is located in Terreno Realty’s Countyline Corporate Park. This 178,000-square-foot industrial distribution building is placed on 10.9 acres of land. It includes 58 dock-high and two grade-level loading positions, as well as parking for 156 cars.
The building, with a total expected investment of $43.8 million and an estimated stabilized cap rate is 5.8%, is expected to achieve LEED certification.
Countyline Corporate Park Phase IV
Countyline Corporate Park Phase IV encompasses a 121-acre project approved for the construction of 2.2 million square feet of industrial distribution buildings in Miami's Countyline Corporate Park (“Countyline”). Countyline itself is a landfill redevelopment area, 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.
Upon its anticipated completion in 2027, Countyline 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.
Terreno Realty’s Countyline Corporate Park Phases III and IV will feature a total of 17 industrial distribution buildings, covering 3.5 million square feet. This development 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.
TRNO: In a Nutshell
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. However, the elevated supply of industrial real estate is a key concern.
Over the past three months, shares of this Zacks Rank #3 (Hold) company have risen 10.8%, underperforming the industry’s growth of 18.5%.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks from the broader REIT sector are Lamar Advertising (LAMR - Free Report) and Cousins Properties (CUZ - Free Report) , each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for Lamar Advertising’s 2024 FFO per share of $8.09 indicates an 8.3% increase year over year.
The Zacks Consensus Estimate for Cousins Properties’ 2024 FFO per share is pegged at $2.67, which suggests 1.9% year-over-year growth.
Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.