Longpoint continues bulking up its South Florida industrial portfolio, recently paying $27.2 million for three Medley warehouses.
An affiliate of Boston-based Longpoint, led by founding partner Dwight Angelini, acquired the 113,936-square-foot complex at 9942 Northwest 89th Court, records and real estate database Vizzda show. The deal breaks down to $237 per square foot.
The seller, an entity managed by Stephen Gorey, president of Miami-based Tropic Oil Corp., paid $8 million for the 5-acre industrial site in 2014, records show. The buildings were completed in 1983.
Tropic Oil is headquartered on the property, an online listing shows.
Longpoint, under Angelini, has built up a formidable warehouse portfolio in the tri-county region since the end of last year, when the firm notched the largest industrial deal. Longpoint paid $262 million for a Seagis portfolio of 25 industrial buildings spanning 1.4 million square feet in Miami-Dade and Broward counties. In January, Longpoint added six more warehouses in Medley to its portfolio, paying $30 million.
The firm, which has $3.9 billion in commercial real estate assets across the U.S., is also bullish on South Florida shopping centers. Last month, Longpoint paid $33.1 million for Palm Aire Marketplace, a Pompano Beach retail plaza anchored by Presidente Supermarket and dd’s Discount stores.
Last year, Longpoint purchased Trail Plaza in West Miami for $49.3 million. The fully leased shopping center on 17 acres is anchored by a Fresco y Mas supermarket.
In the second quarter, Miami-Dade industrial landlords continued to do exceptionally well, as the average asking rent rose 9 percent to $17.42 a square foot from $16.06 a square foot during the same period of last year, according to JLL. Tenant demand still outpaces supply, even though Miami-Dade’s industrial vacancy rate rose slightly to 2.3 percent in the second quarter, compared to 1.9 percent during the same period of last year, JLL found.