Longpoint Realty Partners picked up three Sunrise warehouses for $16.6 million, marking continued investor appetite for South Florida industrial space amid a healthy market.
The Boston-based real estate private equity firm bought the buildings at 5101-5181 and 5201-5299 Northwest 108th Avenue in two deals, records show.
The selling entities are led by Joseph Vitolo as well as Mark and Jessica Hingson, all executives at Sunrise-based Courtyard Properties, a builder, lessor and manager of office and industrial real estate.
In the biggest deal, Longpoint paid just over $11 million for the two buildings at 5201-5299 Northwest 108th Avenue. Built in 1996, they total 68,642 square feet on 4.6 acres, according to property records. The property last traded in 1995 for $448,283.
Longpoint also paid more than $5.5 million for the building at 5101-5181 Northwest 108th Avenue. The 34,272-square-foot warehouse was constructed in 2001 on 2.6 acres, property records show. The lot last traded in 1998 for $88,000.
The purchase comes on the heels of Longpoint’s acquisition of three Opa-locka warehouses for $21.8 million in August.
Led by Dwight Angelini, a managing partner and one of four founding partners, Longpoint has been beefing up its South Florida portfolio in the past couple of years. In 2019, it bought a warehouse near Miami International Airport for $6.3 million and a Miami Gardens industrial park for $25 million.
Longpoint also invests in retail real estate and has a Miami office. It is among the many investors clamoring for the region’s industrial real estate, as it is the only type of property to prosper during the pandemic, outpacing other asset classes.
Broward County’s industrial market saw vacancies drop to 5.9 percent in the third quarter from 7.1 percent in the previous quarter, according to a Colliers report. The average asking rent for warehouses rose to $9.68 a square foot in the latest quarter, from $9.50 in the previous quarter.