The building is set for completion in Q4 2024. Credit: Grant Ritchie via Unsplash.

Terreno Realty Corporation has initiated the construction of Countyline Corporate Park Phase IV Building 31 in Hialeah, Florida, US. 

The new facility, Building 31, is a 162,000ft² industrial distribution building, fully preleased to a national tyre distributor. 

The building, to be located on a ten-acre site, will be designed with a 36ft clear height and feature 53 dock-high and two grade-level loading positions, as well as parking for 140 cars.  

The lease agreement is set to commence upon the building’s completion, anticipated in the fourth quarter (Q4) of this year, and will run until May 2032. 

Building 31 is expected to achieve Leadership in Energy and Environmental Design (LEED) certification. 

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The total investment for this project is projected at $42.1m, with an estimated stabilised cap rate of 6%. 

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The broader Countyline Corporate Park Phase IV is a 121-acre development project, which upon completion in 2027, will feature ten LEED-certified industrial distribution buildings.  

Situated adjacent to Florida’s Turnpike and the southern terminus of Interstate 75, at the intersection of NW 170th Street and NW 107th Avenue, Countyline Corporate Park is a landfill redevelopment. 

The fourth phase will provide 660 dock-high and 22 grade-level loading positions, and parking for 1,875 cars with a total investment of approximately $511.5m. 

In March this year, the company sold an industrial property located in Seattle, Washington for a sale price of approximately $11m. 

Terreno specialises in the acquisition, ownership, and operation of industrial real estate in six coastal markets in the US.