- Longpoint Realty Partners purchased three Medley warehouses for $27.2M, continuing its rapid expansion in South Florida’s industrial market.
- The deal breaks down to $237 PSF for the nearly 114 KSF complex, reflecting rising demand for industrial space in Miami-Dade.
- This acquisition adds to Longpoint’s significant industrial holdings in the region, including a $262M portfolio acquisition in late 2022.
- Miami-Dade industrial landlords are benefiting from rising rents, with the average asking price up 9% YoY to $17.42 PSF in Q2.
Longpoint Realty Partners, a Boston-based real estate investment firm, has continued its aggressive expansion into South Florida’s industrial market, as reported on The Real Deal.
Deal Details
Longpoint recently acquired a three-warehouse complex in Medley, adding yet another asset to its rapidly growing South Florida portfolio.
The firm paid $27.2M for the nearly 114 KSF property located at 9942 Northwest 89th Court. The transaction, priced at $237 PSF, highlights the region’s high demand for industrial real estate.
The seller, an entity managed by Stephen Gorey, president of Miami-based Tropic Oil Corp., originally purchased the 5-acre site for $8M in 2014. The complex, built in 1983, has been Tropic Oil’s HQ.
South Florida Expansion
Longpoint’s purchase of the Medley warehouses is part of a broader effort to boost its presence in South Florida’s industrial real estate sector.
In late 2022, Longpoint made headlines with its $262M purchase of a 1.4 MSF industrial portfolio from Seagis, which included 25 properties in Miami-Dade and Broward counties. This year, Longpoint further expanded its holdings in Medley, adding six warehouses to its portfolio for $30M.
The firm, led by founding partner Dwight Angelini and South Florida partner Kathy Mulkern, now boasts a significant portfolio of industrial assets in the tri-county region.
Zooming Out
The South Florida industrial market continues to thrive, with strong tenant demand outpacing supply.
According to JLL, Miami-Dade industrial landlords saw the average asking rent go up by 9% in 2Q24, rising from $16.06–$17.42 PSF compared to the same period last year.
While Miami-Dade’s industrial vacancy rate rose slightly to 2.3% in 2Q24 from 1.9% in 2Q23, the market remains tight, benefiting landlords like Longpoint.
Retail Follow-On
In addition to its industrial acquisitions, Longpoint has also been active in South Florida’s retail market.
Last month, the firm purchased Palm Aire Marketplace in Pompano Beach for $33.1M. In 2022, Longpoint acquired Trail Plaza in West Miami for $49.3M, a fully leased shopping center anchored by Fresco y Mas supermarket.
These moves show Longpoint’s broader strategy of targeting both industrial and retail assets in high-demand areas.
