Bellevue, WA-based Terreno Realty Corporation, an owner and operator of industrial real estate, has acquired a 121-acre land parcel in Hialeah, FL for $173.6 million. The landfill redevelopment project on NW 170th St will eventually consist of 10 industrial distribution buildings totaling 2.2 million square feet.

The parcel is situated in Miami’s Countyline Corporate Park, in proximity to Florida’s Turnpike, and immediately adjacent to Terreno Realty’s seven fully-leased buildings within Countyline. The project is 30% pre-leased, with two buildings totaling 697 square feet already under construction.

The firm says upon completion, the 10 LEED-certified facilities will provide 660 dock-high and 22 grade-level loading positions and parking for 1,875 cars constituting a total investment of $491 million. The estimated stabilized cap rate of the buildings under construction is 5.0% and of the eight buildings to be constructed is 6.0%.