v3.25.2
Investments in Real Estate (Tables)
 6 Months Ended
Jun. 30, 2025
Real Estate [Abstract]  
Schedule of Properties Under and Completed Redevelopment The following table summarizes certain information with respect to the properties under development or redevelopment and the land for future development as of June 30, 2025:
Property NameLocation
Total Expected
Investment
(in thousands) 1
Estimated Post-Development Square Feet
Properties under development or redevelopment:
Countyline Phase IV 2
Countyline Building 32
Hialeah, FL$43,400 164,300
Countyline Building 33
Hialeah, FL39,900 158,000
Countyline Building 34
Hialeah, FL56,000 219,900
Paterson Plank III
Carlstadt, NJ35,200 47,300
27th Street
Queens, NY40,200 47,500
139th Street 3
Gardena, CA104,600 223,500
Total$319,300 860,500
Land for future development:
Countyline Phase IV 2
Countyline Phase IV Land
Hialeah, FL$117,100 433,200
Total$117,100 433,200
1Excludes below-market lease adjustments recorded at acquisition. Total expected investment for the properties includes the initial purchase price, buyer’s due diligence and closing costs, estimated near-term redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.
2“Countyline Phase IV” is a 121-acre project entitled for 2.2 million square feet of industrial distribution buildings located in Miami’s Countyline Corporate Park (“Countyline”), immediately adjacent to the Company’s seven buildings within Countyline. Countyline Phase IV, a landfill redevelopment adjacent to Florida’s Turnpike and the southern terminus of I-75, is expected to contain ten LEED-certified industrial distribution buildings at completion.
3This redevelopment property was initially acquired in 2017 for a total initial investment, including closing costs and acquisition costs, of approximately $39.9 million. The property was in the operating portfolio until January 2024 when redevelopment commenced. The amount spent to date includes the total initial investment and capital expenditures incurred prior to redevelopment and excludes accumulated depreciation recorded since acquisition. The Company expects a total incremental investment of approximately $64.0 million.
The following table summarizes certain information with respect to the redevelopment property completed during the six months ended June 30, 2025:
Property NameLocation
Total Expected
Investment (in thousands) 1
Post-Development Square FeetCompletion Quarter
East Garry AvenueSanta Ana, CA$41,300 91,500 Q1 2025
1Total investment for the property includes the initial purchase price, buyer’s due diligence and closing costs, redevelopment expenditures, capitalized interest and leasing costs necessary to achieve stabilization.