Longpoint Realty Partners bought a fully leased industrial complex in Doral for $31.5 million, The Real Deal has learned.
Longpoint bought Tree Garden Business Park at 4005 and 4055 Northwest 79th Avenue in an off-market deal, according to broker Jose Sasson-Lerner.
Sasson-Lerner worked with Roberto Susi, both of Axiom Capital Advisors, to represent Longpoint. Ralph Merritt of Commercial Property Group represented the seller.
Records show Rainforest Development Corp. and Tree Park Development, both led by Humberto Verre Filho, sold the properties.
The property at 4055 Northwest 79th Avenue consists of a pair of warehouses that span 84,800 square feet, completed in 1996, according to records. The adjacent site at 4005 Northwest 79th Avenue consists of a 23,900-square-foot warehouse completed in 1998. The entire industrial campus is on a 5.8-acre site, records show.
This is the first time Tree Garden Business Park has sold. Tenants include Economic Electric Motors, electric and electronic auto parts retailer Textronic, Doral Conservatory School of the Arts and real estate agency FB Agents.
The deal was a value-add play by Longpoint, Sasson-Lerner said.
Longpoint is a real estate private equity firm that invests in industrial properties, as well as in retail centers through its Lena Centers subsidiary. Its portfolio consists of more than $4.7 billion of assets under management, according to its website.
Longpoint –– led by Dwight Angelini, Nilesh Bubna, Reid Parker and Robert Provost III –– is based in Boston and has a second headquarters in Miami’s Coconut Grove.
The firm has been ramping up its investment in Doral. In July, Longpoint paid $82 million for six warehouses at 8901 Northwest 20th Street, 2011 Northwest 89th Place, 8940 Northwest 24th Terrace, 8933 Northwest 23rd Street, 1400 Northwest 89th Avenue and 1401 Northwest 89th Court. The properties span a combined 302,000 square feet.
Also in July, the firm sold a Broward County industrial portfolio for $69.9 million to MIG Real Estate. The properties are a warehouse campus at 5000 Oakes Road in Davie, two warehouses at 5101 and 5201 Northwest 108th Avenue in Sunrise, and two warehouses at 3571 and 3559 Northwest 53rd Street in Fort Lauderdale.
Longpoint bought the Presidente Supermarket-anchored Miramar Parkway Plaza at 3176 South University Drive in Miramar for $34 million in July.
South Florida’s industrial market has softened compared with the pandemic boom. In the first quarter, Miami-Dade County vacancies ticked up to 5.7 percent, compared to 3.6 percent during the same period of last year, according to a CBRE report. The report forecast landlords will decrease asking rents this year.
Blackstone and Link Logistics have been selling their South Florida holdings, likely because the investor-backed funds they used to purchase the properties had a hold for a certain number of years, experts said. Since November, the pair sold properties in six deals valued at over $1 billion. This includes the June $105.7 million sale of a 43.7-acre Opa-locka development site that’s expected to be the second phase of Ironwood Commerce Center with six office and industrial buildings spanning 741,800 square feet.
In January, Easton Group bought its partners’ interest in the 105,000-square-foot 25th Logistics Center at 9880 Northwest 25th Street in Doral for $26 million.
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