Rockpoint, a Boston-based real estate private equity firm, today announced it will develop a trophy industrial site in the Pompano Beach.
Rockpoint will develop the property with The Cordish Companies and Caesars Entertainment as part of a larger master plan. Today’s announcement gives Rockpoint a significant presence in the supply-constrained South Florida industrial market and builds on the firm’s strategy of acquiring industrial facilities in high-barrier-to-entry locations across the U.S.
The development, which sits on an 87.8-acre site and will include approximately 1.5 million square feet of rentable space, is located just 20 minutes from downtown Fort Lauderdale and 40 minutes from downtown Miami and downtown Palm Beach. It represents one of the last remaining infill trophy development sites of its size in South Florida, a region that continues to experience significant industrial rent growth due to ongoing supply constraints and consistently high demand for space.
The site is part of a much larger 223-acre development called The Pomp which The Cordish Companies and Caesars Entertainment are developing as a transformative mixed-use destination. The Pomp is one of the largest and most dynamic mixed-use developments in South Florida featuring more than 10 million square feet of best-in-class entertainment, hospitality, retail and residential uses. Anchors such as TopGolf will be opening shortly and development of Live! at The Pomp is underway.
“Rockpoint is pleased to work with Cordish and Caesars in transforming this strategically situated multi-hundred-acre site as part of the master plan,” said Tom Gilbane, Managing Member at Rockpoint. “This investment provides Rockpoint with an opportunity to deliver a unique industrial property in an important and undersupplied market. Despite an overall sense of caution with respect to new investments in the current capital markets environment, we are excited about this opportunity given the attractiveness of our basis combined with significant rent growth that Broward County is experiencing as a result of historically low vacancy levels coupled with continued high demand.”
“As progress continues across every facet of The Pomp, we are thrilled to work with Rockpoint on the industrial component of this game-changing project,” stated Corey Long, VP of Development at The Cordish Companies. “Rockpoint is one of the premier real estate companies in the United States. Today’s announcement continues our commitment to deliver a transformative, best-in-class development for the City of Pompano Beach and South Florida.”
Site work for the project is expected to start in May 2024, as phase one of a three-phase development timeline. Rockhill Management, Rockpoint’s dedicated property services affiliate, working with The Cordish Companies and Caesars Entertainment, will lead the development and management of the project.
Source: PR Newswire