Longpoint Partners pays $44M for a Sedano’s-Anchored Mall in Suburban Miami
Longpoint Partners paid $43.25 million for a Sedano’s-anchored strip mall in Hialeah, Fla., Commercial Observer has learned.
The 74,313-square-foot property, El Paraiso Shopping Plaza, sits on a 4.9-acre site at 1690 W 68th Street, just east of the Palmetto Expressway. Besides Sedano’s, a Hispanic supermarket, the retail center, which is 98 percent occupied, counts Regions Bank, Jerry & Joe’s Pizza, and Caribe Cafe as tenants.
The move is part of the Boston-based investor’s strategy to buy malls that are anchored by community grocery stores. “We have found that the Hispanic community, as a whole, likes to go to the grocery store because they need culturally relevant brands,” Longpoint managing partner Dwight Angelini told CO.
The strategy is also personal for Angelini, who was born in Argentina and grew up as the son of a food broker. “‘When you get older and you have a lot of money, you should buy one of these shopping centers’,” his father would say, Angelini recounted.
Longpoint, which also invests in industrial property, plans to make cosmetic changes to the mall and wants it to become a community hub. The purchase is the first time the property, which was built in the eighties, traded. The seller, Elpara Inc, could not be reached for comment.
The Hialeah acquisition marks Longpoint’s fourth purchase of a center anchored by an ethnic supermarket in Florida, which are located in Orlando and nearby Naranja and Pembroke Pines. The firm is in the market to buy more properties in the Southeast, Southwest, and West Coast, though Angelini declined to say how many.
South Florida’s retail market continues to be fairly active. Last week, Federal Realty Investment Trust paid $180.5 million for an outdoor mall in Pembroke Pines. In July, The Shops at Mary Brickell Village in central Miami sold for $216 million, making it South Florida’s top retail trade so far this year.
Julia Echikson can be reached at firstname.lastname@example.org.