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The Real Deal Miami

International supplier sells Doral warehouse to Boston firm

Deal breaks down to about $150 psf
By Amanda Rabines | December 08, 2017 03:59PM

3055 Northwest 84 Avenue and Longpoint’s Dwight Y. Angelini (Credit: Fairchild Partners and Longpoint Realty Partners)

Overseas supplier Topp Investments Inc. just sold its warehouse in Doral for $5.8 million, property records show.

Boston-based real estate private equity firm, Longpoint Realty Partners, bought the 39,050-square-foot building at 3055 Northwest 84th Avenue for about $150 per square foot. The deal also includes an adjacent 14,400-square-foot lot.

Rubin’s company supplies products to the Ecuadorian company Mvjraster Tecnologias Aplicadas. Rubin is also co-founder and CEO of Skypatrol, an integrated GPS tracking solutions company, which also has space in the building, which includes warehouse space on the first floor and office space on the second floor.

Brokers Jose Juncadella and Sebastian Juncadella of Fairchild Partners Commercial Real Estate Services are the leasing agents. Topp and Skypatrol negotiated a short-term lease in the building, Sebastian Juncadella said. It has 7,500 square feet of available office space on its second floor.

Longpoint, which was launched by former TA Associates Realty brokers Dwight Angelini, Nilesh Bubna, Reid Parker and Robert Provos, has managed and operated more than $8 billion worth of real estate assets, according to its website.

Records show Topp Investment president Robert D. Rubin paid $2.6 million for the building in 1999. Previous sale information for the lot was not available online.

In July, a warehouse in Doral sold for $6.4 million, or about $125 per square foot.

Increased demand for industrial space has led rents to jump nationwide. Rental rates reached $5.35 per square foot in the second quarter of 2017, jumping from $5.25 in the first quarter, according to data from JLL.

Nearby in Miami Gardens, EastGroup Properties is building an 850,000-square-foot industrial park called Gateway Commerce Park.