Longpoint Buys a Blackstone Warehouse Portfolio in South Florida for $331M
The Boston-based investor has spent at least $590M on South Florida industrial properties in the past year
By Julia Echikson November 18, 2024 1:54 pm
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Longpoint Partners struck again, snapping up another big South Florida industrial portfolio in less than a year. The Boston-based investor paid $331.3 million for a 26-building, last-mile industrial portfolio, Commercial Observer has learned.
The 1.4 million-square-foot assemblage is 97 percent leased, according to Longpoint. The warehouses were built between 1964 and 2003. Office space accounts for nearly a quarter of the portfolio’s footprint.
The acquisition expands Longpoint’s South Florida industrial footprint to 4.7 million square feet. The firm acquired a 25-building, 1.4 million-square-foot industrial portfolio for $260 million about a year ago.
The recent purchase “offered us the opportunity to significantly expand our footprint in South Florida, complementing our consistent and proven strategy to invest in high-quality industrial properties located in major logistics markets,” Dwight Angelini, co-founder and managing partner of Longpoint Partners, said in a statement.
About 71 percent of the properties are in Miami-Dade County, while 20 percent are in Broward County and the remaining 9 percent in Palm Beach County. Longpoint secured an acquisition loan, but a representative for the company declined to provide additional details.
Property records list the seller as Blackstone (BX). A representative for the New York-based private equity giant declined to comment.
CBRE (CBRE)’s Jose Lobón, Frank Fallon, Trey Barry, and Royce Rose represented the seller in the transaction, alongside Devin White, Tom O’Loughlin, Robert Smith, Gabriel Braun and Daniel Sarmiento.
Besides industrial, Longpoint also specializes in grocery-anchored retail. In August, it purchased a 143,219-square-foot strip mall in Pompano Beach for $33 million.
Julia Echikson can be reached at jechikson@commercialobserver.com.
