Establishes Footprint in Supply-Constrained
South Florida Industrial Market
BOSTON, Nov. 10,
2023 /PRNewswire/ -- Rockpoint, a Boston-based real estate private equity firm,
today announced it will develop a trophy industrial site in the
Pompano Beach submarket of
Broward County, Florida. 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.
About Rockpoint
Rockpoint is a real estate private equity firm that employs a
fundamental value approach to investing, targeting select product
types and markets throughout the United
States. The firm applies a consistent and disciplined
investment approach across its investment programs, which span
distinct return profiles. Rockpoint continually assesses the market
opportunity and evaluates potential investments relative to
intrinsic value and cash flow, targeting investments that Rockpoint
believes are inefficiently priced or misunderstood by the broader
market. Rockpoint proactively pursues opportunities that exhibit
strong value potential that can be realized through impactful asset
management. Since 1994, the firm's co-founders with others have
sponsored 19 investment vehicles and related co-investment vehicles
through Rockpoint and a predecessor firm and have raised
approximately $30 billion in equity
capital commitments. As of June 30,
2023, Rockpoint's investment team with others has invested
or committed to invest in 498 transactions with a total peak
capitalization of approximately $80
billion (inclusive of fund equity, co-investor equity and
debt). To learn more, visit
www.rockpoint.com.
About Rockhill Management
Rockhill Management, L.L.C. ("Rockhill"), an affiliate of
Rockpoint, is a dedicated property services management company that
serves commercial and residential properties in select markets
throughout the United States.
Rockhill employs a responsive, tailored approach and the most
current technologies to property and relationship management in
order to deliver customized service, premium amenities, and
intentional communities across Rockpoint's portfolio. As of
October 27, 2023, Rockhill provides
property management, project management, and other services to
properties representing approximately 37.4 million square feet of
real estate in markets including the Austin, Greater
Boston, New York, San
Francisco Bay, South Florida,
Southern California, and
Washington, D.C. metropolitan
areas. To learn more, visit www.rockhillmanagement.com.
About The Cordish Companies
The Cordish Companies' origins date back to 1910 and encompass
four generations of privately-held, family ownership. During the
past ten decades, The Cordish Companies has grown into a global
leader in Gaming; Commercial Real Estate; Entertainment Districts;
Sports-Anchored Developments; Hotels; Residential Properties;
Restaurants; Coworking Spaces; and Private Equity. One of the
largest and most respected developers in the world, The Cordish
Companies has been awarded an unprecedented seven Urban Land
Institute Awards for Excellence for public-private developments
that are of unique significance to the cities in which they are
located. The Cordish Companies has developed and operates highly
acclaimed dining, entertainment and hospitality destinations
throughout the United States, many
falling under The Cordish Companies' Live! Brand, highly regarded
as one of the premier entertainment brands in the country.
Welcoming over 55 million visitors per year, these developments are
among the highest profile dining, entertainment, gaming, hotel and
sports-anchored destinations in the country. Over the generations,
The Cordish Companies has remained true to the family's core values
of quality, entrepreneurial spirit, long-term personal
relationships, and integrity. As a testimony to the long-term
vision of its family leadership, The Cordish Companies still owns
and manages virtually every business it has created. For more
information visit www.cordish.com or follow us
on Twitter.
"The Cordish Companies," "The Cordish Company" and "Cordish" are
trademarks used under license by independent corporations, legal
liability companies and partnerships ("Cordish Entities"). Each
Cordish Entity is a separate, single-purpose legal entity that is
solely responsible for its obligations and liabilities. No common
operations or financial interdependency, and no intermingling of
assets or liabilities of the Cordish Entities exists, or should be
deemed to exist, as a result of the potential common reference to
multiple independent entities operating under the names "Cordish,"
"The Cordish Companies" or "The Cordish Company" here or
elsewhere.
About Caesars Entertainment, Inc.
Caesars Entertainment, Inc. (NASDAQ: CZR) is the largest
casino-entertainment company in the U.S. and one of
the world's most diversified gaming-entertainment providers. Since
its beginning in Reno, Nevada, in
1937, Caesars Entertainment has grown through development of new
resorts, expansions and acquisitions. Caesars Entertainment's
resorts operate primarily under the Caesars®, Harrah's®, Horseshoe®
and Eldorado® brand names. Caesars Entertainment offers diversified
amenities and one-of-a-kind destinations, with a focus on building
loyalty and value with its guests through a unique combination of
impeccable service, operational excellence and technology
leadership. Caesars Entertainment is committed to its employees,
suppliers, communities and the environment through its PEOPLE
PLANET PLAY framework. If you think you or someone you care about
may have a gambling problem, call 1-800-522-4700. For
more information, please visit www.caesars.com/corporate.
Contacts
Media
For Rockpoint:
Jon Keehner / Sarah Salky / Erik
Carlson
Joele Frank, Wilkinson Brimmer
Katcher
(212) 355-4449
rockpoint-jf@joelefrank.com
For The Cordish Companies:
Cari Furman
The Cordish Companies
cfurman@cordish.com
For Caesars Entertainment:
Kim Butler
Caesars / Harrah's Pompano
Beach
Kim.Butler@islepompanopark.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/rockpoint-to-develop-trophy-infill-industrial-site-in-broward-county-along-with-the-cordish-companies-and-caesars-entertainment-301984100.html
SOURCE Rockpoint Group, L.L.C.