Longpoint’s Dwight Angelini and the former trailer park at 2260 Northwest 27th Avenue (Longpoint, Google Maps)
Industrial land is so scarce, a Boston-primarily based developer picked up a former cell house park in Miami’s Allapattah community for opportunity redevelopment.
An affiliate of Longpoint Realty Associates paid $16 million for a just about 6-acre web page at 2260 Northwest 27th Avenue, according to data. Formerly the River Park Trailer Courtroom cellular home park, the house is close to the Miami River and Miami Worldwide Airport.
Deme Mekras with MSP Team represented the seller, an entity with ties to North Miami real estate trader Israel Kopel. In 2009, The Kopel entity paid $2 million for the cell residence park that was done in 1975, information display. 4 remaining cell household inhabitants ended up evicted in June, court records show.
The home marketed just beneath its asking price of $16.5 million, Mekras said. Longpoint did not respond to a request for remark, but Mekras stated zoning lets the buyer to redevelop River Park into an industrial undertaking.
2260 Northwest 27th Avenue (Longpoint Realty Associates)
In addition to the site’s measurement, River Park’s proximity to the airport, PortMiami and effortless freeway entry built the assets an attractive buy for Longpoint, which specializes in the industrial sector, Mekras stated.
Miami-Dade’s industrial sector is encountering a land crunch, as stock of developable land for new warehouses is diminishing across the county. A 2022 Commercial Industrial Association of South Florida outlook from before this year displays Miami-Dade has 1,300 acres left for probable industrial growth that could operate out in 8 decades.
As a consequence, warehouse builders are focusing on probable redevelopment websites in Allapattah, Medley and other submarkets near the Airport West sector.
Industrial developers are also eyeing South Florida cellular residence parks. Very last year, Industrial Outside Ventures and Stockbridge Authentic Estate dropped $64 million for the Twin Lakes Journey Park in Davie. The joint undertaking is redeveloping the almost 39-acre site into a warehouse facility with an out of doors truck terminal.
Longpoint, led by running and founding spouse Dwight Angelini, is among the the most prolific institutional potential buyers of South Florida industrial real estate. This thirty day period, the organization picked up a two-creating searching middle in Hialeah for $43 million. In Oct, Longpoint paid $16.6 million for three warehouses in Dawn. Also final calendar year, Longpoint bought three warehouses in Opa-Locka for $21.8 million.
