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Tishman Speyer drops $100M for Pompano Beach warehouses, marking its Florida industrial market debut
35-acre Rock Lake Business Center is fully leased
Tishman Speyer dropped $100.2 million for a fully leased warehouse complex in Pompano Beach, marking its first investment in Florida’s industrial market.
New York-based Tishman Speyer bought the 35-acre Rock Lake Business Center 3150-3250 Northwest 33rd Street from Atlanta-based IDI Logistics, according to records and real estate database Vizzda.
IDI Logistics, led by CEO Mark Saturno, completed Rock Park Lake Business Center in 2020, records show.
The 256,000-square-foot property consists of a pair of warehouses and a development site that can be built out with two buildings spanning 243,000 square feet, according to a Tishman Speyer news release.
Tenants include the U.S. Postal Service, which leased 136,000 square feet in February, according to Traded.
Tishman Speyer has invested in, developed and managed real estate valued at $128 billion since it was founded in 1978 by Jerry Speyer and the late Robert Tishman, the release says. This portfolio consists of 225 million square feet across 556 properties. Rob Speyer is CEO of Tishman Speyer.
In 2021, Tishman Speyer launched its industrial investment arm with the purchase of a pair of distribution centers in Colorado and Pennsylvania.
South Florida’s industrial market has remained resilient to headwinds such as elevated interest rates and skyrocketing insurance that are plaguing other asset classes. Warehouses, distribution centers and manufacturing facilities are partly buoyed by e-commerce growth, which exploded during the pandemic.
The market did experience an inkling of a slowdown in the first quarter, when vacancies across South Florida inched up. In Broward County, the vacancy rate hit 3.8 percent, up from 2.7 percent, year-over-year, according to a CBRE report.
Industrial investment sales have remained steady this year. In May, Dallas-based Invesco Real Estate dropped $23.8 million for a pair of warehouses spanning 105,000 square feet at 1280-1300 Northwest 22nd Street and 2151 Blount Road in Pompano Beach.
That came on the heels of Blackstone’s Link Logistics paying $20.7 million for a manufacturing and distribution facility at 3141 Southwest 10th Street, also in Pompano Beach. Link Logistics also dropped $28.6 million for a Whole Foods distribution center at 2700 Northwest Street last year.