Terreno Realty Corporation Advances Industrial Growth Strategy with Major Pre-Lease Commitments at Countyline Corporate Park Phase IV
Terreno Realty Corporation, a leading owner, operator, and acquirer of industrial real estate located within six key coastal U.S. markets, announced significant leasing momentum at its Countyline Corporate Park Phase IV project in Hialeah, Florida. The company has secured major pre-leases that fully commit Building 36, currently under construction, and reinforce the strong tenant demand for modern, efficient logistics and industrial spaces in the Miami market.
The company revealed that it has executed a new pre-lease agreement for approximately 76,000 square feet in Building 36 with a food manufacturing and distribution company specializing in plantain-based consumer products. The lease will begin once construction and tenant improvements are complete—currently projected for the first quarter of 2027—and will run through July 2037, representing a 10-year contractual commitment. The tenant’s operations reflect the continued growth of specialty and culturally diverse food manufacturing across the United States and the expanding logistical needs associated with regional and national food distribution.
In addition to the newly signed lease, Terreno Realty Corporation confirmed the expansion of a previously announced pre-lease with an international logistics and freight-forwarding management company. Initially committed to 108,000 square feet, the tenant has increased its footprint by an additional 29,000 square feet, resulting in a total of 137,000 square feet within Building 36. Like the food manufacturing tenant, the lease will commence upon project completion and final build-out in early 2027 and will run through June 2037. With both agreements finalized, Building 36 has achieved 100% pre-leased status well in advance of delivery, highlighting strong market confidence and competitive positioning.
Construction of Building 36 began recently and is designed to meet modern sustainability and efficiency standards. Terreno expects the facility to achieve LEED certification upon completion, reinforcing both corporate and tenant commitments to environmental responsibility. The total projected investment associated with the development of Building 36 is approximately $56.2 million, and the company currently anticipates an estimated stabilized capitalization rate of 5.8%. This metric is calculated by dividing annualized cash-basis net operating income, stabilized at market occupancy levels—typically around 95%—by the project’s total acquisition and development cost, including associated capital expenditures, closing expenses, and near-term leasing and improvement needs.
Countyline Corporate Park Phase IV represents one of the largest ongoing industrial development initiatives in the South Florida region. The project encompasses 121 acres entitled for approximately 2.2 million square feet of new industrial distribution facilities. The development site is strategically located adjacent to Terreno Realty’s existing holdings within Countyline Corporate Park Phase III and benefits from its proximity to major regional transportation corridors, including Florida’s Turnpike and the southern endpoint of Interstate 75. The park is positioned at the intersection of NW 170th Street and NW 107th Avenue, on formerly underutilized landfill land now being transformed into an advanced logistics hub.
When fully completed in 2027, Phase IV is expected to comprise 10 LEED-certified industrial distribution buildings with extensive operational functionality tailored to the needs of e-commerce, cold storage, manufacturing, distribution, and third-party logistics users. The development will feature 655 dock-high and 23 grade-level loading positions, along with parking accommodations for approximately 1,875 vehicles. The forecasted total investment for the entire phase is approximately $511.5 million.
Combined with Phase III, Terreno Realty Corporation’s footprint at Countyline Corporate Park will include 17 industrial buildings totaling approximately 3.5 million square feet. This scale establishes the area as one of Terreno’s most significant multi-building development clusters and positions the company to capture growing demand for logistics space driven by continued population growth, surging e-commerce volume, and the strategic importance of Miami as a gateway for international trade—particularly with Latin America and the Caribbean.
Terreno Realty Corporation continues to specialize in the acquisition, development, and management of high-quality industrial properties in targeted coastal gateway markets, including New York/New Jersey, Los Angeles, Miami, the San Francisco Bay Area, Seattle, and the Washington, D.C. region. The company focuses on properties located near key transportation and distribution networks, such as air and sea cargo ports, major freight corridors, and dense urban population centers where industrial supply is limited and demand remains consistently high.
The early leasing success at Building 36 underscores the strong momentum and tenant interest surrounding Countyline Corporate Park and illustrates Terreno’s ability to secure long-term occupancy commitments well ahead of project delivery. These leasing milestones also provide a positive outlook for the company’s broader development strategy, highlighting Miami’s continued prominence as one of the most competitive and supply-constrained industrial markets in the United States.
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