Terreno Realty bought two newly built, fully leased warehouses at Countyline Corporate Park for a combined $73.2 million, marking the investor’s ongoing shopping spree for South Florida industrial real estate.
Terreno Realty bought the buildings totaling 407,000 square feet on 19.8 acres at 4281 and 4341 West 108th Street in Hialeah from an affiliate of Miami-based Florida East Coast Industries, according to records.
The properties, buildings 29 and 30, have 124 dock-high and four grade-level loading positions, as well as parking for 359 cars, according to a Terreno news release. They are fully rented out, with the leases expected to start in May and September. The firm did not identify the tenants.
The purchase brings Terreno’s holdings at Countyline Corporate Park to seven buildings, according to the release.
Last year, the company paid $50 million for two warehouses at 4021 and 4071 West 108th Street at Countyline.
Terreno, led by W. Blake Baird and with offices in San Francisco and Bellevue, Washington, buys, owns and manages industrial real estate in six U.S. markets, according to its website. Aside from South Florida, Terreno focuses on New York City, northern New Jersey, Los Angeles, San Francisco, Seattle and Washington, D.C.
Flagler Global Logistics, an industrial developer and logistics real estate company that is a subsidiary of FECI, is developing the master-planned Countyline Corporate Park. It spans 2.4 million square feet of Class A industrial space on 95 acres on the southwest corner of Florida’s Turnpike and Northwest 170th Street, according to a Flagler Global Logistics brochure.
Other industrial investors have scooped up Countyline real estate, with CenterPoint Properties Trust paying $184.4 million in January for two warehouses and land.
The South Florida industrial market has been prospering from high demand, partly fueled by e-commerce growth, and dwindling supply. A JLL report showed that the Miami-Dade County vacancy rate hit 2.6 percent in the fourth quarter of 2021, a record low for the county.