Tishman Speyer today announced the acquisition of the Rock Lake Business Center, a 35-acre industrial property in Pompano Beach, FL. Tishman Speyer purchased the property from IDI Logistics for $100,150,000.
Constructed in 2020, the Class-A property located at 3150-3250 NW 33rd Street consists of two 100% leased warehouse buildings encompassing a combined 256,000 square feet. The property features conditioned warehouse space, 32-foot clear heights, 185’ shared truck courts, 84 dock high and drive in doors, and 690 car and van parking spots. This location offers tremendous visibility and frontage along the Florida Turnpike and immediate access to I-95. The property offers unique operational flexibility with excess parking and staging areas. Additionally, the site allows for future development of an additional 243,000 square feet of development across two rear-load buildings.
South Florida’s natural physical barriers, population growth and ongoing development create a highly supply-constrained market that currently has the second lowest ratio of industrial inventory to population across the U.S. Rock Lake is ideally located at the center of South Florida’s Tri-Counties, which boast over 6.2 million residents and are growing hubs for technology and finance. The asset has the ability to efficiently reach over 80% of South Florida’s population within a 60-minute drive.
“Over the past two decades, South Florida has consistently been one of the strongest performing industrial markets in the United States,” said Tishman Speyer Managing Director and Head of Industrial Andy Burke. “Rock Lake is a high-quality asset that offers best in class functionality and future development potential in a flagship location with population density. We see this as the perfect opportunity to enter the South Florida market.”
Tishman Speyer launched its industrial platform in 2021 as part of its effort to grow and diversify its global portfolio. Since then, the firm has amassed a portfolio of existing industrial assets and development projects in some of the most sought-after markets. In the US, the portfolio includes investments in Orange County, Boston, and San Francisco. In addition, Tishman Speyer announced plans to build a major data center and industrial campus in Frankfurt, Germany, marking its entry into the data center sector and first industrial development in Europe.
About Tishman Speyer (tishmanspeyer.com)
Tishman Speyer is a leading owner, developer, operator and investment manager of first-class real estate in 35 key markets across the United States, Europe, Asia and Latin America. Our portfolio spans market rate and affordable residential communities, premier office properties and retail spaces, industrial facilities, and mixed-use campuses. We create state-of-the-art life science centers through our Breakthrough Properties joint venture, and foster innovation through our strategic proptech investments. With global vision, on-the-ground expertise and a personalized approach, we are unparalleled in our ability to foster innovation, quickly adapt to global and local trends and proactively anticipate our customers’ evolving needs. By focusing on health and wellness, enlightened placemaking and customer-focused initiatives such as our tenant amenities platform, ZO, and our flexible space and co-working brand, Studio, we tend not just to our physical buildings, but to the people who inhabit them on a daily basis. Since our inception in 1978, Tishman Speyer has acquired, developed, and operated 556 properties, totaling 225 million square feet, with a combined value of over $128 billion (U.S.). Our current portfolio includes such iconic assets as Rockefeller Center in New York City, The Springs in Shanghai, TaunusTurm in Frankfurt and the Mission Rock neighborhood currently being realized in San Francisco.
About IDI Logistics
IDI Logistics is a leading developer and manager of logistics real estate in the U.S. The fully-integrated logistics platform has a long track record of speculative development, build-to-suits and value-add acquisitions. Since 1989, IDI Logistics has developed and acquired more than 100 world-class business parks and 750 warehouses totaling over 200 million SF throughout North America.
For more information, please visit www.idilogistics.com.
