Terreno Realty Corporation acquires property in Hialeah, Fla., for $173m

Terreno Realty Corporation, an acquirer, owner and operator of industrial real estate in six major coastal U.S. markets, has acquired an industrial property in Hialeah, Fla., for $173.6 million.

The property consists of a 121-acre project entitled for 2.2 million square feet of industrial-distribution buildings in Miami’s Countyline Corporate Park, adjacent to Terreno Realty Corporation’s seven fully leased buildings within Countyline. The project, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of Interstate 75, is 29.9 percent preleased with one 191,000-square-foot, rear-load, industrial-distribution building and one 506,000-square-foot, cross-dock, industrial-distribution building under construction. At expected completion in 2025 the project, located at the intersection of Northwest 170th Street and Northwest 107th Avenue, is expected to contain 10 LEED-certified, industrial-distribution buildings totaling about 2.2 million square f