Core Insights - Terreno Realty (TRNO) is advancing its growth strategy in South Florida with the development of Building 35 at Countyline Corporate Park Phase IV in Hialeah [1] Group 1: Project Details - The new industrial distribution building will span 220,000 square feet and involves an estimated investment of $55.5 million, targeting a stabilized cap rate of 6.0% [2] - Building 35 is part of a larger redevelopment effort at Countyline Corporate Park, which has become a prominent industrial corridor in Miami, strategically located near Florida's Turnpike and I-75 [3][4] Group 2: Market Position and Demand - The Countyline site has demonstrated strong tenant demand, with features such as high clear heights and functional loading layouts that cater to modern distribution needs, supported by Miami's limited industrial availability [5] - The ongoing development will increase Terreno Realty's footprint to a total of ten LEED-certified industrial distribution buildings across approximately 2.2 million square feet in Phase IV, and combined with Phase III, the total will reach 17 buildings and 3.5 million square feet [4] Group 3: Financial Stability - Terreno Realty's recent quarterly update indicates a strong balance sheet with minimal near-term maturities, allowing the company to pursue this development cycle without increasing leverage [6] - The project aligns with Terreno Realty's strategy of building high-quality logistics clusters in markets with high demand and limited supply, reinforcing its growth in the Miami area [7] Group 4: Performance Metrics - Over the past three months, shares of Terreno Realty have increased by 5.7%, outperforming the industry average gain of 1.1% [7]