{"id":1004690052,"date":"2023-11-13T04:14:00","date_gmt":"2023-11-13T12:14:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004690052"},"modified":"2023-11-14T01:22:17","modified_gmt":"2023-11-14T09:22:17","slug":"rockpoint-jv-to-develop-1-5-msf-industrial-property","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/rockpoint-jv-to-develop-1-5-msf-industrial-property\/","title":{"rendered":"Rockpoint to Develop 1.5 MSF Industrial Property"},"content":{"rendered":"
\"Live<\/a>

The property will be part of The Pomp, a $2 billion master-planned community being developed by The Cordish Cos. and Caesars Entertainment. Image courtesy of The Cordish Cos.<\/em><\/p><\/div>\n

Boston-based real estate private equity firm Rockpoint<\/strong> will develop an approximately 1.5 million-square-foot industrial property in the Pompano Beach submarket of Broward County, Fla.<\/p>\n

The 87.8-acre site is part of The Pomp, a $2 billion, 223-acre master-planned, mixed-use development in Pompano Beach unveiled by The Cordish Cos. and Caesars Entertainment last May<\/a>.<\/p>\n

Rockpoint described the industrial development location as \u201cone 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.\u201d<\/p>\n

\n

READ ALSO<\/strong>: What\u2019s Ahead for Industrial?<\/a><\/p>\n

\n
\"Rendering<\/a>

Rendering of Rockpoint\u2019s 1.5 million-square-foot industrial property within The Pomp master-planned community. Image courtesy of Rockpoint<\/em><\/p><\/div>\n

Site work for the industrial project is scheduled to start next May, as the first phase of a three-phase development timeline. Rockpoint’s dedicated property services affiliate, Rockhill Management, will work with Cordish and Caesars to lead the project\u2019s construction and management.<\/p>\n

The Pomp is at Atlantic Boulevard and Powerline Road, 20 minutes from downtown Fort Lauderdale and 40 minutes from downtown Miami and downtown Palm Beach. Ultimately, it\u2019s intended to encompass more than 10 million square feet of entertainment, hospitality, retail and residential uses. The space for retail anchor TopGolf will be opening shortly and development of the Live! entertainment district is underway.<\/p>\n

Fort Lauderdale\u2019s industrial market<\/h2>\n

In a prepared statement, Tom Gilbane, a managing member at Rockpoint, referred to the Fort Lauderdale industrial market as \u201cimportant and undersupplied\u201d and experiencing \u201chistorically low vacancy levels coupled with continued high demand.\u201d<\/p>\n

The metro Fort Lauderdale industrial space market is thriving, with tenant demand having risen by 19.7 percent year-over-year, according to a third-quarter report from Avison Young<\/strong>. Leasing activity in the past quarter surged to 1.9 million square feet, as vacancy declined to 3.3 percent.<\/p>\n

In the Pompano Beach submarket, total vacancy is 4.8 percent, with little change since the second quarter or year-over-year, on an inventory of 30 million square feet. The average annual direct asking rent is $15.94 per square foot, triple net.<\/p>\n","protected":false},"excerpt":{"rendered":"

The facility will be part of a $2 billion South Florida master-planned community being developed by The Cordish Cos. and Caesars Entertainment.<\/p>\n","protected":false},"author":882,"featured_media":1004661017,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21748,21752,21742,32781],"tags":[33022,35701,52238,35354],"class_list":["post-1004690052","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-industrial","category-mixed-use","category-latest","category-southeast","tag-avison-young","tag-caesars-entertainment-corporation","tag-rockpoint","tag-the-cordish-companies"],"acf":[],"yoast_head":"\nRockpoint to Develop 1.5 MSF Industrial Property - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Rockpoint, in partnership with The Cordish Cos. and Caesars Entertainment, will develop an industrial property in Pompano Beach, Fla.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/rockpoint-jv-to-develop-1-5-msf-industrial-property\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rockpoint to Develop 1.5 MSF Industrial Property\" \/>\n<meta property=\"og:description\" content=\"Rockpoint, in partnership with The Cordish Cos. and Caesars Entertainment, will develop an industrial property in Pompano Beach, Fla.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/rockpoint-jv-to-develop-1-5-msf-industrial-property\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-11-13T12:14:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-11-14T09:22:17+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/05\/Live-at-the-Pomp-e1683279170789.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1166\" \/>\n\t<meta property=\"og:image:height\" content=\"874\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Scott Baltic\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockpoint-jv-to-develop-1-5-msf-industrial-property\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockpoint-jv-to-develop-1-5-msf-industrial-property\\\/\"},\"author\":{\"name\":\"Scott Baltic\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/61ac1450f3ffaa0e850b834c28526555\"},\"headline\":\"Rockpoint to Develop 1.5 MSF Industrial Property\",\"datePublished\":\"2023-11-13T12:14:00+00:00\",\"dateModified\":\"2023-11-14T09:22:17+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockpoint-jv-to-develop-1-5-msf-industrial-property\\\/\"},\"wordCount\":382,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockpoint-jv-to-develop-1-5-msf-industrial-property\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2023\\\/05\\\/Live-at-the-Pomp-e1683279170789.jpg\",\"keywords\":[\"Avison Young\",\"Caesars Entertainment Corporation\",\"Rockpoint\",\"The Cordish Companies\"],\"articleSection\":[\"Development\",\"Featured\",\"Industrial\",\"Mixed Use\",\"News\",\"Southeast\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockpoint-jv-to-develop-1-5-msf-industrial-property\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/rockpoint-jv-to-develop-1-5-msf-industrial-property\\\/\",\"name\":\"Rockpoint to Develop 1.5 MSF Industrial Property - 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