Longpoint Realty picked up three Opa-locka warehouses for $21.8 million, beefing up the Boston-based private equity firm’s South Florida portfolio.
The company acquired the industrial properties at 13200, 13260 and 13290 Northwest 45th Avenue from J.R. Realty Corp, a Hialeah-based real estate firm managed by David Small. Longpoint paid about $111 a square foot for a combined 197,005 square feet of warehouse space on nearly 9 acres near Miami-Opa Locka Executive Airport.
Led by founding and managing partner Dwight Angelini, Longpoint has been on a buying binge for retail and industrial properties since 2017, when the company bought its first South Florida warehouse in Doral for $5.8 million. Longpoint’s other South Florida industrial holdings include a 54,488-square-foot warehouse near Miami International Airport, that the company purchased for $6.3 million in 2019; and a Miami Gardens industrial park purchased for $25 million, also in 2019.
Longpoint, which also has industrial and retail properties in Texas, Tennessee and Georgia, also paid a total of $58.7 million for a Sedano’s-anchored shopping center in Pembroke Pines in 2019, and a strip mall within the Crossroads Square Shopping Center in Pembroke Pines in 2018.
According to a second quarter report by Avision Young, investors remain hungry for South Florida industrial properties, driving up prices 18.5 percent since last year. Another second quarter report by Colliers International surveyed institutional owners, who said they are expecting rental rates to increase from 7.8 percent to 18.8 percent over the next two years.
The Northeast Dade industrial submarket, which includes Opa-Locka, experienced a 4.2 percent vacancy rate in the second quarter and asking rents started at $8.74. That compares to a 3.9 vacancy rate and asking rents that started at $10.72 for Miami-Dade overall, according to Colliers.