Longpoint Buys Pompano Beach Shopping Center for $33M
By Julia Echikson August 19, 2024 1:53 pm
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Longpoint Realty Partners paid $33.1 million for a grocery-anchored shopping center in Pompano Beach, Fla.
Called Palm Aire Marketplace, the 18-acre, 143,219-square-foot strip mall at 299 South Powerline Road is about 90 percent leased and anchored by Presidente Supermarket and dd’s DISCOUNTS.Other tenants include T-Mobile, Chase Bank, Bank of America and McDonald’s.
The sale equates to $231 a square foot.
Colliers’ Harry Blyden, Bastian Schauer, Ruben Suarez, Billy Weiser and Ariel Davis represented the seller, Pompano Realty USA. It had purchased the complex for $28.3 million in 2016, according to property records.
Longpoint Realty Partners, a Boston-based private equity firm that specializes in retail and industrial real estate, has made inroads into South Florida in recent years.
In December, it paid $260 million for a 25-building industrial portfolio totaling nearly 1.4 million square feet across Miami-Dade and Broward counties. The deal was one of South Florida’s largest industrial acquisitions in gross terms last year.
A month prior, Longpoint Realty, led by Dwight Angelini, bought a grocery-anchored retail center in West Miami for $49 million.
A representative for Longpoint Realty did not immediately respond to a request for comment.
Julia Echikson can be reached at jechikson@commercialobserver.com.
