Longpoint sold a Broward County warehouse portfolio for $69.9 million, roughly $19 million more than the previous sale price four years ago.
In the largest of three separate deals, an affiliate of Newport Beach, California-based MIG Real Estate paid $29.9 million for a 124,227-square-foot industrial park at 5000 Oakes Road in Davie, records show. MIG Real Estate, led by CEO Greg Merage, also bought two warehouses spanning 102,914 square feet at 5101 and 5201 Northwest 108th Avenue in Sunrise for $27.2 million, marking the second largest purchase. The third purchase involved MIG Real Estate paying $12.8 million for two warehouses with a combined 47,987 square feet at 3571 and 3559 Northwest 53rd Street in Fort Lauderdale.
MIG Real Estate paid $254 a square foot for the portfolio. The buyer obtained a $69 million mortgage secured by the three Broward properties and four other industrial sites in Miami-Dade County, records show.
In 2021, Boston-based Longpoint, led by Dwight Angelini, bought the Davie complex, with five warehouses built in 1980, for $24.1 million, records show. The same year, Longpoint paid a combined $27.1 million for the Fort Lauderdale and Sunrise warehouses, which were completed in 1984 and 1996, respectively.
Longpoint is one of the largest institutional landlords of industrial properties in South Florida. In March, the firm sold a 221,471-square-foot warehouse in unincorporated northwest Miami-Dade. New York-based Corebridge Real Estate Investors paid $43.5 million for the facility.
In November, Longpoint dropped $331.2 million for a 26-property industrial portfolio spanning Miami-Dade, Broward and Palm Beach counties. A joint venture between Blackstone and its industrial subsidiary, Link Logistics, was the seller. The deal was the largest industrial sale of 2024.
Meanwhile, MIG Real Estate is joining a slate of out-of-state real estate firms entering South Florida for the first time. Last month, Columbus, Ohio-based nursing home landlord Garden Healthcare dived into the market by acquiring a 403-unit senior living community in unincorporated Miami-Dade for $24 million.
