The Real Deal Miami

Longpoint Realty buys Publix-anchored shops in Boynton Beach

DDR Corp. sold Aberdeen Square for about $120 psf
By Keith Larsen | June 05, 2018 03:30PM

Dwight Y. Angelini Managing and Founding Partner of Longpoint Realty Partners

A Boston-based real estate private equity firm bought a Publix-anchored shopping center in Boynton Beach for $9.9 million.

Ohio-based real estate investment trust DDR Corp. sold the nearly 8-acre property at 4966 Le Chalet Boulevard to Longpoint Realty Partners for $120 per square foot, property records show.

Aberdeen Square, which DDR acquired in 2007 for an undisclosed price, was built in 1990 and had an average rent of $10.44 per square foot, according to DDR’s 2017 annual report with the Securities and Exchange Commission.

DDR owns and manages 258 retail properties totaling 89 million square feet in the U.S., according to its website. In March, the publicly traded company sold off two Publix shopping centers, one in Hialeah and one in Miami, to the Lakeland-based grocer. It also announced on Monday that it will spin-off of a portfolio of 49 shopping centers, including 37 properties in the continental U.S. and all 12 of its Puerto Rico centers, into a separate publicly traded company

Longpoint focuses on industrial and retail properties in major East Coast and Texas markets. In December, Longpoint bought a 39,050-square-foot building at 3055 Northwest 84th Avenue in Doral for $5.8 million, or about $150 per square foot. Longpoint was launched by former TA Associates Realty brokers Dwight Angelini, Nilesh Bubna, Reid Parker and Robert Provos, according to its website.