Terreno Realty pays $50M for two buildings at FECI’s Hialeah industrial complex

Terreno Realty Corp. paid $50 million for two recently completed industrial buildings at Countyline Corporate Park in Hialeah.

San Francisco-based Terreno Realty, a publicly traded industrial real estate investor, bought the properties at 4021 and 4071 West 108 Street from affiliates of Florida East Coast Industries, records show.

The buildings total 274,000 square feet on 15.9 acres and include 287 parking spaces. They have 92 dock-high and four grade-level loading positions, according to a press release.

The properties are fully pre-leased to five tenants. Some of the lease terms have already started, and others starting by July 1, according to the release.

Terreno Realty is led by CEO and Chair W. Blake Baird, who co-founded the company with President Michael Coke. The firm buys, owns and manages industrial properties in the coastal markets of Miami, Los Angeles, New York, northern New Jersey, San Francisco, Washington, D.C. and Seattle, according to the release. Its portfolio includes 224 buildings and 13.3 million square feet, according to its website.

In July, Terreno sold a Miami Lakes warehouse, fully leased to Miami International Freight Solutions, to Brookfield Property Partners for $22.2 million.

The master-planned Countyline Corporate Park is one of the biggest in Miami-Dade County. It totals 2.4 million square feet of Class A industrial space on 95 acres, according to a brochure by FECI subsidiary and supply-chain company Flagler Global Logistics.

FECI has been selling off completed warehouses at the industrial park. In January, Oakbrook, Illinois-based CenterPoint Properties Trust, a real estate developer and manager, bought two warehouses at the corporate park for $184.4 million. In January 2019, Indianapolis-based Duke Realty bought a warehouse at Countyline for $34.4 million.