Tishman Speyer Enters South Florida Industrial Market With $100M Purchase
By Julia Echikson June 10, 2024 11:40 am
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Tishman Speyer is getting into the South Florida industrial real estate game. The real estate giant paid $100.2 million for Rock Lake Business Center, a 35-acre industrial park in Pompano Beach, Fla., property records show.
The property features two warehouses that together total 256,000 square feet between 3150 and 3250 NW 33rd Street, just east of the Florida Turnpike.
The two fully leased buildings feature 32-foot clear heights, 185-foot shared truck courts, 84 dock-high and drive-in doors, and 690 car and van parking spots, according to Tishman Speyer. The site also has space for the development of 243,000 square feet for two rear-load buildings.
The seller, IDI Logistics, completed the complex in 2020, just as the industrial market took off when consumers trapped at home shopped more online. A representative for the Atlanta-based developer did not immediately respond to a request for comment.
“Over the past two decades, South Florida has consistently been one of the strongest performing industrial markets in the United States,” Andy Burke, Tishman Speyer’s managing director and head of industrial, said in a statement. “Rock Lake is a high-quality asset that offers best-in-class functionality and future development potential in a flagship location with population density.”
The deal appears to mark the first South Florida industrial purchase for Tishman Speyer, a global real estate firm headquartered in Manhattan. It launched an industrial platform in 2021, which now includes properties in California’s Orange County, San Francisco and Boston.
In recent months, Pompano Beach, a town north of Fort Lauderdale, has seen its share of industrial deals.
Late last year, Rockpoint purchased an 88-acre industrial development for $180 million. In May, Blackstone and Invesco Real Estate together bought three warehouses for $45 million in total.
Correction: The original version of this article incorrectly stated that the sale price was $101.2 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
