Terreno Realty Announces Full Leasing of Countyline Building 34

Terreno Realty TRNO recently announced a 100% lease for Countyline Corporate Park Phase IV Building 34 in Hialeah, FL. The site encompassing 220,000 square feet is a 36-foot clear height rear-load industrial distribution building stretching across 13 acres. With 70 dock-high and three grade-level loading positions, the location has a parking facility for 188 cars.

Around 153,000 square feet at Building 34 has been leased to a provider of non-perishable food items and food service supplies for the cruise ship industry. The lease commenced on Sept. 10, 2025, and is set to expire in March 2033. Another 35,000 square feet has been leased to a white-glove delivery service provider, set to begin following the completion of tenant improvements expected in March 2026 and expire in November 2036. The last tranche of 32,000 square feet has been leased to a global manufacturer and distributor of automotive refinish systems, set to commence post-tenant improvements expected to be completed in March 2026 and expire in August 2031.

Counyline Corporate Park Phase IV will be 80% complete with the stabilization of Building 34 in the first quarter of 2026. Eight buildings spanning over 1.8 million square feet are fully constructed and leased, with the remaining two buildings stretching 433,000 square feet available for future development. With an expected completion time in 2027 at an investment volume of around $511.5 million, the site will have amenities for 654 dock-high and 23 grade-level loading positions and a parking facility for 1,875 cars.

TRNO’s Q2 2025 Leasing Details

The above leases indicate solid demand for TRNO’s industrial properties. The company's healthy leasing activity is evident in its performance in the second quarter of 2025. Its operating portfolio was 97.7% leased as of June 30, 2025. TRNO’s same-store portfolio of 14.1 million square feet was 98.5% leased as of June 30, 2025. For the company’s improved land portfolio of 47 parcels spanning 150.6 acres, the leased rate was 95.1% as of June 30, 2025.

The company was able to lock in higher rents on new and renewed leases during the quarter. The cash rents on new and renewed leases commencing during the second quarter of 2025 climbed 22.6%. Moreover, the tenant retention ratio was 71.1% for the operating portfolio.

TRNO: In a Nutshell

With a solid operating platform, a healthy balance sheet position and strategic expansion moves, TRNO seems well-positioned to capitalize on long-term growth opportunities. However, amid macroeconomic uncertainty and geopolitical issues, customers remain focused on cost controls and might delay their decision-making with respect to leasing. This is a concern for the company.

Shares of this Zacks Rank #2 (Buy) company have gained 4.4% quarter to date compared with the industry’s upside of 0.7%.

Other Stocks to Consider

Some other top-ranked stocks from the broader REIT sector are Stag Industrial STAG and SL Green Realty SLG, each carrying a Zacks Rank #2 at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The Zacks Consensus Estimate for STAG’s 2025 FFO per share has moved a cent upward to $2.50 over the past two months.

The consensus estimate for SLG’s 2025 FFO per share has moved 10.1% northward to $6.21 over the past two months.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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