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Longpoint Realty pays $25M for Miami Gardens industrial park
Longpoint bought the warehouse for $106 psf
Longpoint Realty Partners bought an industrial park in Miami Gardens from ProLogis for $25 million.
The Boston-based real estate firm purchased the nearly 234,000-square-foot warehouse at 1400 Northwest 159th Street for $106 per square foot, records show. The property is known as the Sunshine State Industrial Park.
The warehouse was originally built in 1969 and sits on an 11.2-acre site.
DCT Industrial Trust, which was later acquired by ProLogis, had purchased the property in 2013 from Southeastern Headquarters for $11.8 million, records show.
Longpoint Realty Partners has been expanding in South Florida.
In April, Longpoint paid $37.53 million for a Sedano’s-anchored shopping center in Pembroke Pines.
The firm also paid $21.2 million for a strip mall within the Crossroads Square Shopping Center in Pembroke Pines in November.
Last June, Longpoint bought a Publix-anchored shopping center in Boynton Beach for $9.9 million. And in late 2017, Longpoint paid $5.8 million for a warehouse in Doral.
The firm focuses on industrial and retail properties in major markets including Texas, Tennessee and Georgia, according to its website.