Longpoint Realty Partners just paid $15.8 million for an industrial-office complex in Davie, near the Seminole Hard Rock Hotel & Casino.
RREEF America, the real estate investment business of Deutsche Bank’s Asset Management division, sold the Broward Business Park, a five-building, 124,227-square-foot flex property at 5000 Oakes Road.
Records show RREEF paid $6.15 million for the complex in 2000. The property was developed in 1981 and features 22-foot clear ceiling heights, office space and signage along the Florida Turnpike. Asking rents start at $13.50, triple net, according to a CBRE listing.
Longpoint, which was launched by former TA Associates Realty brokers Dwight Angelini, Nilesh Bubna, Reid Parker and Robert Provost, has managed more than $8 billion worth of real estate assets, according to its website.
The commercial investment firm focuses on industrial and retail properties in major East Coast and Texas markets. In June, it paid $10 million for a Publix-anchored shopping center in Boynton Beach.
Demand is strong for industrial properties in Broward, thanks to low vacancy rates and rising rents. Vacancy rates dipped in the second quarter to 3.9 percent from 5.3 percent, on a year-over-year basis, according to a second quarter report by CBRE.