Rockpoint, Greystar Partner on Tampa-Area Project
Rockpoint and Greystar have formed a strategic partnership to develop the three-building, 331,803-square-foot second phase of Gateway Logistics Center in St. Petersburg, Fla. Rockpoint Industrial will provide additional development and management support and expertise for the project that will break ground early next year.
This is the first development venture between Rockpoint and Greystar, a Charleston, S.C.,-based global real estate company focused on rental housing, logistics and life science projects. The firm manages and operates more than $320 billion of real estate in approximately 250 markets around the world.
Located on a 17.5-acre infill site at the intersection of Interstate 275 and Gandy Boulevard, the 622,200-square-foot Gateway Logistics Center is the largest industrial development in Pinellas County in more than two decades. It’s part of Greystar’s broader 93-acre project that also includes a 412-unit garden-style community.
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Building B will encompass about 93,000 square feet with a depth of 180 feet. Buildings C and D will each comprise about 119,500 square feet with 200-foot depth. All three rear-load facilities will have 32-foot clear heights, ESFR sprinklers and include spec office space.
Greystar broke ground on Gateway’s first phase, totaling some 290,000 square feet, in 2022. Phase One’s Buildings A and G have been completed and are fully leased. Building H, a facility of 147,000 square feet, is slated for completion in spring 2025.
Greystar industrial assets
Greystar currently has more than 13 million square feet of industrial space in various stages of development around the U.S.
In April, the developer completed the first phase of Gateway Grand, a 2.1 million-square-foot industrial development in Mesa, Ariz. Situated in a Foreign Trade Zone, the project is Greystar’s first industrial foray in the state.
In August 2023, Greystar broke ground on the second and last phase of a five-building industrial development in San Marcos, Texas. The campus is 30 miles from Tesla’s giga factory and within 10 miles of two Amazon distribution centers.
Rockpoint investment activities
Earlier this month, Rockpoint and Portman Industrial sold Building D at Camp Hill Commerce Center, Campus 4, a 1.2 million-square-foot industrial property in Ridgeville, S.C., to Stockbridge. The warehouse came online last year and is occupied by Volvo in support of the car manufacturer’s nearby factory, which opened in 2018.
In January, Rockpoint raised $5.1 billion in aggregate equity capital commitments in the current fundraising cycle, including the close of Rockpoint Real Estate Fund VII with $2.7 billion in total equity capital. Fund VII targets opportunities in the U.S. across a range of real estate classes, including industrial, multifamily, single-family rental, hospitality and select office investments.
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