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.
The firm focuses on industrial and retail properties in major markets including Texas, Tennessee and Georgia, according to its website.