A Boston-based private equity firm is continuing its shopping spree for grocery-anchored retail properties in South Florida.
Longpoint Realty Partners has acquired El Paraiso, a two-building shopping center at 1700 and 1800 West 68th Street in Hialeah, for $43.2 million, or about $317 a square foot, in an off-market deal, the firm said Monday.
Anchored by a Sedano’s grocery store, the 9-acre site is 98 percent occupied, according to Longpoint. Other tenants in its 136,000 square feet include University Healthcare, Regions Bank and Pet Supermarket.
In a statement, Longport principal Dwight Angelini framed the deal as an opportunity to break into a highly sought-after infill market. Built in the 1980s, the Hialeah property joins Longpoint’s portfolio of South Florida shopping centers that includes properties in Pembroke Pines and Naranja, which the firm acquired in 2019 and 2020 for $37.5 million and $11.7 million, respectively.
The sellers are Elpara Inc. and Elcanar Inc., entities managed by Antonio Rodriguez and Jesus Gonzalez of Miami, records show. Elcanar acquired the 1800 West 68th Street property in 1988 for $1.8 million and completed the 62,000-square-foot building a year later. Elpara acquired the neighboring 74,000-square-foot building at 1700 West 68th Street in 2000 for an unknown amount.
Investors are circling grocery-anchored retail plazas throughout South Florida, including in Hialeah. Last month, Seritage Growth Properties banked $6.2 million in a single day when it bought Westland Gateway Plaza, a Hialeah shopping center anchored by Aldi and Bed Bath & Beyond, among others, for $22.1 million then immediately flipped it to Sunny Isles Beach-based RK Centers for $28.3 million.
Also last month, Toronto-based Slate Grocery REIT paid $425 million for a portfolio of 14 grocery-anchored shopping centers in Georgia, Florida and North Carolina, according to an investment summary. Included in the deal were three shopping centers anchored by Publix grocery stores in Miramar, Dania Beach and Palm Beach Gardens and a retail plaza anchored by a Fresh Market store in Pembroke Pines, records show.
In June, El Paso-based River Oaks Properties paid $25.5 million for a Delray Beach complex anchored by Joseph’s Classic Market, while in Plantation, an affiliate of Charles Ladd’s Barron Real Estate bought a Food Fair-anchored shopping center for $38.4 million.
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