Greystar and Whitman Peterson Finalize Land Acquisition and Construction Loan for Cocomar Business Park

Coconut Creek, FL – June 19, 2025 – Greystar, a global leader in investment management, development, and property management, and Whitman Peterson, a real estate investment firm, today announced the successful land closing and construction loan of Cocomar Business Park, a Class A industrial development located in the high-barrier-to-entry market of Coconut Creek in Broward County, FL. Berkadia’s Roberto Pesant, and Jaret Turkell facilitated the transaction. Greystar closed on a construction loan concurrent with land closing, partnering with Truist for a second industrial construction loan in the state of Florida.

Cocomar Business Park will be comprised of approximately 375,000 square feet of shallow bay warehouse space across three best-in-class buildings, situated on a 35.9-acre site at the intersection of Lyons Road and West Atlantic Boulevard. The project includes:

• 56,876 square feet building with a 147’-6” depth
• 162,800 square feet building with a 185’ depth
• 155,234 square feet building with a 185’ depth

This land acquisition marks a key milestone following years of hands-on pre-development and rezoning efforts. We are grateful to our partners at Whitman Peterson for their steadfast commitment, the City of Coconut Creek, and our neighbors in Coco Palms and Lakewood East for championing this project. We also want to thank the Diaz Family for their support and partnership as sellers, through this process. 

"We are thrilled to have closed on one of the last large infill opportunities in Broward County. Cocomar Business Park will offer Best in Class shallow bay Class A space in a high demand submarket, where new development opportunities are extremely limited," said Herbie Klotz, Director for Industrial Development in Florida. "This project reflects our long-term vision for strategic industrial development in Florida and our commitment to creating value in supply constrained infill markets." 

"We are grateful for our partnership with Greystar and their efforts in bringing this project to the vertical construction stage," said Vaib Vijayakumar, Partner at Whitman Peterson. "This development aligns with Whitman Peterson’s logistics strategy, which is centered on delivering best-in-class assets designed to flexibly accommodate a diverse tenant base across leading logistics markets. We’re excited to expand our programmatic venture with Greystar as we continue to grow our presence in Florida."

All buildings will feature 32-foot clear heights, catering to modern industrial users seeking efficient, flexible logistics and distribution space. Site work is slated to begin in June 2025, with construction scheduled to commence in September. The first building is expected to deliver by September 2026.

“We are grateful to have the support of the City of Coconut Creek and the residents of Coco Palms and Lakewood East, who played a critical role in making this project a reality,” added Lewis Stoneburner, Senior Managing Director for Greystar Development.

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. Headquartered in Charleston, South Carolina, Greystar manages and operates over $300 billion of real estate in nearly 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 over 1,000,000 units/beds globally, and has a robust institutional investment management platform comprised of nearly $78 billion of assets under management, including over $35 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. 

About Whitman Peterson
Whitman Peterson (“WP”) is an institutional real estate investment company, making and actively managing opportunistic real estate investments on behalf of institutional investors. The firm focuses on highly strategic GP-aligned partnerships with some of the nation’s top vertically integrated real estate companies in its target sectors. WP and Greystar have been strategic partners since WP’s formation in 2010 and have invested together in more than 175 asset-level investments, across multifamily, active adult, student, and logistics strategies. WP and Greystar have capitalized and developed over 7.5M square feet of warehouse and logistics space together, representing over $1.1B in total capitalization. Across all Whitman Peterson’s funds and GP-aligned partnerships, the firm has made more than 300 investments, in transactions involving more than $30B of total capitalization. Whitman Peterson is headquartered in the Greater Los Angeles area. 

Media Inquiries 
Emma Mitchell
emma.mitchell@greystar.com