The property can be a part of The Pomp, a $2 billion master-planned neighborhood being developed by The Cordish Cos. and Caesars Leisure. Picture courtesy of The Cordish Cos.
Boston-based actual property personal fairness agency Rockpoint will develop an roughly 1.5 million-square-foot industrial property within the Pompano Seashore submarket of Broward County, Fla.
The 87.8-acre web site is a part of The Pomp, a $2 billion, 223-acre master-planned, mixed-use improvement in Pompano Seashore unveiled by The Cordish Cos. and Caesars Leisure final Could.
Rockpoint described the economic improvement location as “one of many final remaining infill trophy improvement websites of its dimension in South Florida, a area that continues to expertise vital industrial hire progress resulting from ongoing provide constraints and constantly excessive demand for area.”
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Rendering of Rockpoint’s 1.5 million-square-foot industrial property inside The Pomp master-planned neighborhood. Picture courtesy of Rockpoint
Website work for the economic mission is scheduled to begin subsequent Could, as the primary section of a three-phase improvement timeline. Rockpoint’s devoted property providers affiliate, Rockhill Administration, will work with Cordish and Caesars to guide the mission’s building and administration.
The Pomp is at Atlantic Boulevard and Powerline Street, 20 minutes from downtown Fort Lauderdale and 40 minutes from downtown Miami and downtown Palm Seashore. In the end, it’s supposed to embody greater than 10 million sq. ft of leisure, hospitality, retail and residential makes use of. The area for retail anchor TopGolf can be opening shortly and improvement of the Stay! leisure district is underway.
Fort Lauderdale’s industrial market
In a ready assertion, Tom Gilbane, a managing member at Rockpoint, referred to the Fort Lauderdale industrial market as “essential and undersupplied” and experiencing “traditionally low emptiness ranges coupled with continued excessive demand.”
The metro Fort Lauderdale industrial area market is prospering, with tenant demand having risen by 19.7 % year-over-year, in line with a third-quarter report from Avison Younger. Leasing exercise up to now quarter surged to 1.9 million sq. ft, as emptiness declined to three.3 %.
Within the Pompano Seashore submarket, whole emptiness is 4.8 %, with little change for the reason that second quarter or year-over-year, on a listing of 30 million sq. ft. The common annual direct asking hire is $15.94 per sq. foot, triple web.
