Making another calculated leap in the South Florida industrial market. The Boston-based private equity firm Longpoint Partners has dropped $30 million to acquire a portfolio of six warehouses in Miami-Dade County, according to a report from the South Florida Business Journal. This move comes snugly on the heels of the firm's previous splurge in December of a jaw-dropping $262 million on a 25-building industrial portfolio, setting the previous year ablaze with one of the most pricy industrial deals in the region and spotlighting Longpoint's aggressive growth strategy.
The six warehouses, totaling approximately 126,050 square feet, are reportedly fully leased by a mix of around 20 tenants, who come from a variety of fields including manufacturing and logistics as well as food handling and freight forwarding, as detailed by BNNBreaking in their coverage. With the going rate standing at about $238 per square foot, the properties in question are located at 8440, 8450, and 8615 Northwest 64th Street near Medley, and at 1900, 2000, and 2090 Northwest 133rd Avenue in Doral, are expected to give Longpoint a sturdy foothold in a region known for its bustling industrial activity.
The seller's angle was managed by Coral Gables-based Hopton Corporation with guidance from Will Falero of Pro Industrial, who played a prominent part both in corralling the deal and securing the buyer; the VP of Longpoint, Alex Sanchez, was noted as a pivotal negotiator for the transaction, echoing the importance of strategic acquisition in market placement and firm growth.
The South Florida Business Journal notes that the Medley and Doral properties have enjoyed a spirited increase in value under Hopton's ownership with the Medley site originally snagged for a mere $650,000 in 2013, before passing to Hopton in the same year and maturing into the completed buildings by 2016, while the Doral location, picked up for $984,800 in 2016, saw its buildings finished by 2017; the seller, retiring from the trade, handed over the properties to Longpoint in a deal that only amplifies Longpoint's robust posture in South Florida's real estate landscape.
As Longpoint Partners continues to knit its web of influence through strategic real estate investments in South Florida, including the acquisition of a shopping center in Hialeah for $43.2 million and a closed mobile home park near Miami International Airport for $16 million last year, industry observers are keen to watch how their forward-thinking vision will shape the industrial contours of this dynamic market area.
