Tishman Speyer Enters South Florida With $100M Buy
Tishman Speyer has entered South Florida with the acquisition of Rock Lake Business Center in Pompano Beach. IDI Logistics sold the 35-acre property for $100.2 million.
The industrial campus currently includes two fully leased warehouses totaling 256,000 square feet. In addition, the property was entitled for the development of two rear-load buildings encompassing 243,000 square feet.
Completed in 2020, one of the existing warehouses totals 136,538 square feet while the other stands at 119,222 square feet. The buildings feature 32-foot clear heights, 84 dock high drive-in doors, 690 car parking spaces, shared 185-foot truck courts, ESFR sprinklers and conditioned warehousing space.
Located at 3150-3250 NW 33rd St., Rock Lake Business Center is alongside Florida’s Turnpike, with proximity to Interstate 95. Fort Lauderdale, Fla., is 16 miles south of the campus while the Miami International Airport is some 41 miles away.
Miami’s industrial scene
The Miami-area industrial market has been a hot spot. In terms of in-place rent growth, the metro ranked second nationally in April with a 12 percent year-over-year increase, the latest CommercialEdge report shows. Furthermore, Miami was the only one in the top five markets for rent growth with more than 2 percent (3.1 percent) of its stock currently under construction.
Recently a 40-acre campus in Delray Beach, Fla., broke ground. The project’s first phase is a 200,000-square-foot building anticipated to deliver mid-next year.
Meanwhile, another 186,000-square-foot facility has just entered the Hialeah, Fla., inventory. The Countyline Corporate Park Phase IV Building 40 is part of a larger, $511.5 million project.
The post Tishman Speyer Enters South Florida With $100M Buy appeared first on Commercial Property Executive.
