Tishman Speyer has made a notable entrance into the South Florida market by acquiring the Rock Lake Business Center in Pompano Beach. The 35-acre property was purchased from IDI Logistics for $100.2 million.
The industrial campus, strategically located at 3150-3250 NW 33rd St., features two fully leased warehouses totaling 256,000 square feet, with additional entitlements for the development of two rear-load buildings encompassing 243,000 square feet. Completed in 2020, the existing warehouses offer modern amenities including 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.
Rock Lake Business Center benefits from its prime location alongside Florida’s Turnpike and close proximity to Interstate 95, Fort Lauderdale (16 miles south), and Miami International Airport (41 miles away).
Miami’s Booming Industrial Market
The Miami-area industrial market continues to thrive, ranking second nationally for in-place rent growth in April with a 12% year-over-year increase, according to the latest CommercialEdge report. Miami also stands out as the only top-five market for rent growth with more than 2% (3.1%) of its stock currently under construction.
Recent developments include a 40-acre campus in Delray Beach, which recently broke ground with its first phase featuring a 200,000-square-foot building expected to deliver by mid-next year. Additionally, a new 186,000-square-foot facility has been added to Hialeah’s inventory as part of the larger Countyline Corporate Park Phase IV project, valued at $511.5 million.
Tishman Speyer’s investment underscores the strong demand and robust growth potential in South Florida’s industrial sector, marking an exciting expansion for the company in a dynamic market.
