UPDATE: Longpoint Spends $260M on Industrial Properties in South Florida
Deal is part of a 25-asset portfolio trade spanning 1.4M SF
By Julia Echikson December 12, 2023 5:38 pm
reprints
Longpoint Partners’ industrial shopping spree in South Florida has come to $260 million, a spokesperson for the company told Commercial Observer.
Last week, the Boston-based private equity firm purchased a 25-building industrial portfolio, totaling nearly 1.4 million square feet, across Miami-Dade and Broward counties from Pennsylvania-based Seagis Property Group, CBRE announced, but declined to provide the sale price.
The total sale price makes it one of the largest industrial sales in South Florida this year.
Thus far, 15 of the 25 properties have traded in 10 transactions for a total of $248 million, according to property records, while the remaining properties have not yet been recorded.
The first batch of six deeds, registered in Broward County, totaled $115.6 million, equating to about 605,000 square feet for properties in Davie, Deerfield Beach, Fort Lauderdale and Lauderhill. The most expensive property — a two-building complex at 1919 NW 19th Street — traded for $47.1 million, more than doubling the property’s last sale price 16 years ago.
Another four deeds were registered in Miami-Dade County, totaling $132.7 million.
The priciest property, a 210,975-square-foot warehouse at 6700 NW 77th Court, sold for $44 million. It was followed by a 208,397-square-foot, five-building complex at 5200 NW 165th Street in Hialeah, which traded for $40 million.
CBRE’s Jose Lobón, Frank Fallon, Trey Barry, and Chris Riley represented the seller, while Tom O’Loughlin, Devin White, Royce Rose and Alain Bonvecchio, also from CBRE, represented the buyer.
The portfolio is 97 percent leased to 77 tenants, per the brokerage.
Update: The story was amended to reflect the final sale price.
Julia Echikson can be reached at jechikson@commercialobserver.com.
