Willis Lease Finance Corporation Buys Greystar's Cocomar Business Park in Coconut Creek for $118 Million

Greystar announced Nov. 5, 2026, the sale of Cocomar Business Park, a 374,910-square-foot Class A logistics development in Coconut Creek, Florida, to Willis Lease Finance Corporation (Nasdaq: WLFC), a global aviation engine leasing and services company. The sale price was approximately $118 million, or about $315 per square foot.

Willis Lease Finance Corporation plans to use the property as its new corporate headquarters.

Cocomar Business Park Property Details

Greystar developed and built Cocomar, which comprises three rear-loading industrial buildings on approximately 36 acres at 4733, 4763 and 4851 W. Atlantic Boulevard in Coconut Creek. The project broke ground in June 2025 and was completed in September 2026, ahead of schedule, Greystar said. It was built on a speculative, for-lease business plan.

The buildings feature 32-foot clear heights, 78 dock doors and 313 parking spaces. Those specifications support warehousing, parts distribution and aviation-related industrial operations.

Transaction Terms and Willis Lease Finance Corporation's Plans

Willis Lease Finance Corporation acquired the three buildings in October 2026 for $118 million, according to the company's regulatory filing. County records identify the deed consideration as $117.9 million and the buyer as Coconut Creek Aviation Assets II LLC, an entity associated with Willis Lease Finance Corporation.

The campus will house the company's headquarters, spare-parts business, maintenance, repair and overhaul operations, and aircraft-engine preservation and storage activities. Willis Lease Finance Corporation currently lists its headquarters at 4700 Lyons Technology Parkway in Coconut Creek, so the acquisition expands its presence in the city rather than relocating the company. The new campus is nearly three times the size of the company's existing headquarters location.

Greystar acquired the site in 2025 for $30.5 million. That figure excludes construction, financing, entitlement and carrying costs and is not a measure of development profit.

Greystar Executives on Logistics Strategy

"Cocomar Business Park is a great example of our logistics strategy, which is to focus on delivering best-in-class facilities in high-barrier-to-entry markets," said Lewis Stoneburner, Senior Managing Director, Development at Greystar. "Through close collaboration with the City of Coconut Creek and surrounding neighborhoods, we navigated a complex rezoning process, and built community support. We're proud to have built and delivered a project that supports the local community and ultimately helped retain one of the city's most significant businesses."

Herbie Klotz, Greystar's Logistics business leader in Florida, also commented on the transaction. "We've thoroughly enjoyed working with the Willis team throughout this transaction and are excited to see Cocomar become the home of their new headquarters," Klotz said. "Willis has built an impressive global business, and we're grateful to have partnered in supporting their continued growth in Coconut Creek. We wish their team great success as they settle into their new buildings."

Greystar said the sale builds on its growing logistics platform in Florida and nationally.

South Florida Industrial Market Context

South Florida's industrial market has access to major airports, ports and transportation infrastructure, along with an established aviation-services ecosystem. Broward County's proximity to Fort Lauderdale-Hollywood International Airport and the region's maintenance, repair and overhaul base are relevant to Willis Lease Finance Corporation's operations.

The Cocomar sale illustrates a path available to developers of speculative industrial product: selling newly delivered, specialized facilities to corporate users. Because the buyer is an owner-occupier, the transaction removed lease-up risk for the project.

About Greystar

Greystar is a fully integrated global real estate platform offering property management, investment management, development and construction services, primarily in institutional-quality rental housing. Headquartered in Charleston, South Carolina, the firm manages and operates approximately $350 billion of real estate in over 265 markets globally and has over $80 billion of assets under management, including over $34 billion of development assets. Greystar was founded by Bob Faith in 1993.

Sources

• Greystar: Greystar Announces Sale of Cocomar Business Park in South Florida