Rockpoint and Greystar Partner on Phase Two Development of Gateway Logistics Center
The 17.5-Acre Development Site Represents a Premier Industrial Opportunity in the Attractive St. Petersburg, Florida Submarket
BOSTON and TAMPA, Fla., Nov. 5, 2024 – Rockpoint, a real estate private equity firm, and Greystar, a global real estate company, today announced the formation of a strategic partnership for the phase two development of Gateway Logistics Center.
A three-building, 331,803 square-foot, Class A industrial development, phase two of the development will consist of one 92,841 square-foot building and two 119,481 square-foot buildings on a premier, 17.5-acre infill site. Rockpoint Industrial, Rockpoint’s industrial platform, will provide additional development and management support and expertise.
Gateway Logistics Center is part of Greystar’s broader 93-acre project, which includes a 412-unit garden-style apartment community and the two-phase, six-building industrial park. With positive leasing momentum on the first industrial phase, phase two offers an attractive opportunity to further develop the shallow bay industrial space in a sub-market with proximity to numerous Fortune 500 companies.
“Rockpoint is pleased to partner with Greystar in the second phase of industrial development for Gateway Logistics Center,” said Tom Gilbane, a Managing Member and Co-President at Rockpoint. “This project represents an attractive opportunity to meet the demand from a diverse set of potential tenants in a thriving submarket, combining Rockpoint’s deep expertise in both the industrial sector and the west-central Florida market.”
“Rockpoint Industrial is pleased to be involved in this important industrial development,” said Benjamin Harris, Head of Rockpoint Industrial. “We look forward to bringing our expertise in development, management and operations of industrial properties to the continued expansion of Gateway Logistics Center’s best-in-class industrial offerings.”
“Greystar is thrilled to partner with Rockpoint on this development,” said Lewis Stoneburner, Senior Managing Director for Development at Greystar. “Phase two of this development not only reflects our commitment to delivering high-quality, Class A industrial space, but also will meet the increasing demand for flexible, high-caliber industrial space in Pinellas County, aligning with our commitment to support dynamic business environments and bolster the local economy.”
David King, Greystar’s Managing Director for Development, added, “We are excited to kick off our first development venture with them on an amazing infill logistics site. This will be Greystar’s third industrial development in Florida.”
Gateway Logistics Center is the largest industrial development in Pinellas County in over two decades. Strategically located in the county’s Gateway area at the intersection of I-275 and Gandy Boulevard, the project will offer meaningful opportunity and customizable spaces for the market’s top employers in a growing economic hub.
About Rockpoint
Rockpoint is a Boston-based 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 market opportunities and evaluates potential investments relative to intrinsic value, replacement cost, and cash flow, and targets 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 invested or committed to invest in 504 transactions with a total peak capitalization of approximately $80 billion. Rockpoint Industrial is Rockpoint’s platform for the acquisition, development, management, and operation of high-quality industrial facilities in primary and growth markets nationally. To learn more, visit www.rockpoint.com.
About Greystar
Greystar is a leading, fully integrated global real estate company offering expertise in property management, investment management, development, and construction services in institutional-quality rental housing, logistics, and life sciences sectors. Headquartered in Charleston, South Carolina, Greystar manages and operates more than $320 billion of real estate in approximately 250 markets globally with offices throughout North America, Europe, South America, and the Asia-Pacific region. Greystar is the largest operator of apartments in the United States, manages nearly 997,000 units/beds globally, and has a robust institutional investment management platform comprised of over $78 billion of assets under management, including $36 billion of development assets. Greystar was founded by Bob Faith in 1993 to become a provider of world-class service in the rental residential real estate business.
Contacts
Rockpoint
Sarah Salky / Erik Carlson / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
rockpoint-jf@joelefrank.com
Greystar
Garrett Derderian
garrett.derderian@greystar.com