Longpoint Real Estate, a prominent player in the commercial real estate sector, is intensifying its presence in South Florida's industrial market. The company, which operates through an affiliate based in Boston and led by founding partner Dwight Angelini, has recently made headlines with its latest acquisition. Longpoint has acquired a trio of warehouses located in Medley, Florida, for a substantial $27.2 million. This transaction highlights Longpoint's strategic approach to bolstering its industrial portfolio in the region.
The newly acquired industrial complex, situated at 9942 Northwest 89th Court, encompasses a total of 113,936 square feet. This acquisition breaks down to an impressive $237 per square foot, reflecting the high value and demand for industrial space in South Florida. The transaction was recorded in real estate databases such as Vizzda, showcasing the scale of Longpoint’s investment.
The warehouses were previously owned by an entity managed by Stephen Gorey, president of Miami-based Tropic Oil Corp. Gorey’s entity originally purchased the 5-acre industrial site in 2014 for $8 million. The buildings on this site were constructed in 1983 and have been utilized by Tropic Oil as its headquarters. This transaction marks a significant change in ownership and a strategic move by Longpoint to enhance its industrial real estate holdings.
Longpoint’s recent acquisition in Medley is part of a broader strategy to expand its industrial footprint in South Florida. Under the leadership of South Florida partner Kathy Mulkern, Longpoint has made substantial investments in the region. Since late last year, the firm has made several notable deals, including the acquisition of a Seagis portfolio. This $262 million deal included 25 industrial buildings spanning 1.4 million square feet across Miami-Dade and Broward counties, making it one of the largest industrial transactions in the area.
In January, Longpoint continued its expansion by adding six additional warehouses in Medley to its portfolio, investing $30 million in these properties. This aggressive growth strategy underscores Longpoint’s commitment to capitalizing on the strong demand for industrial space in South Florida.
Beyond industrial properties, Longpoint has also demonstrated a keen interest in South Florida’s retail sector. Last month, the firm acquired Palm Aire Marketplace, a prominent retail plaza in Pompano Beach, for $33.1 million. This shopping center is anchored by major tenants including Presidente Supermarket and dd’s Discount stores, reflecting Longpoint’s diverse investment strategy.
Additionally, Longpoint has made significant strides in the retail sector over the past year. In a noteworthy transaction, the firm purchased Trail Plaza in West Miami for $49.3 million. This fully leased shopping center, situated on 17 acres, is anchored by a Fresco y Mas supermarket, further showcasing Longpoint’s strategic acquisitions in high-demand retail locations.
The South Florida industrial market remains highly competitive, with strong performance metrics reflecting ongoing demand. According to JLL, Miami-Dade industrial landlords have seen a 9 percent increase in average asking rents, rising from $16.06 per square foot to $17.42 per square foot year-over-year. Despite a slight increase in the industrial vacancy rate to 2.3 percent from 1.9 percent, tenant demand continues to exceed supply. This dynamic market environment underscores the strategic importance of Longpoint’s investments and the firm’s ability to navigate and capitalize on market trends effectively.
If you’re considering entering the South Florida real estate market or need expert assistance with your real estate investments, whether in industrial, retail, or other commercial properties, the Mastropieri Group is here to help. Our team of experienced professionals is dedicated to providing top-notch service and guidance tailored to your specific needs.
For all your South Florida real estate needs, don’t hesitate to reach out to the Mastropieri Group. Contact us today at 561-544-7000 to discuss how we can assist you in achieving your real estate goals. Whether you’re buying, selling, or looking for investment opportunities, our team is ready to offer expert advice and support to help you navigate the dynamic South Florida real estate market. Let us put our expertise to work for you and turn your real estate ambitions into reality
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