US logistics real estate developer and manager IDI Logistics has sold a fully leased two-building property in Florida to Tishman Speyer for $100.2m (€93.1m).

The Rock Lake Business Center, constructed in 2020, is a 35-acre industrial property in Pompano Beach, Florida.

Real estate investor Tishman Speyer said the 256,000sqft property is located at 3150-3250 NW 33rd Street, adding that the site allows for future development of an additional 243,000sqft of development across two rear-load buildings.

Andy Burke, managing director and head of industrial at Tishman Speyer, said: “Over the past two decades, South Florida has consistently been one of the strongest performing industrial markets in the US. 

Rock Lake Business Center

Source: Tishman Speyer

Rock Lake Business Center

“Rock Lake is a high-quality asset that offers best in class functionality and future development potential in a flagship location with population density. We see this as the perfect opportunity to enter the South Florida market.”

Tishman Speyer created its industrial platform in 2021. Since its launch, the platform has accumulated a collection of existing industrial assets and development projects in various markets.

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