Industrial land is so scarce, a Boston-based developer picked up a former mobile home park in Miami’s Allapattah neighborhood for potential redevelopment.
An affiliate of Longpoint Realty Partners paid $16 million for a nearly 6-acre site at 2260 Northwest 27th Avenue, according to records. Formerly the River Park Trailer Court mobile home park, the property is near the Miami River and Miami International Airport.
Deme Mekras with MSP Group represented the seller, an entity with ties to North Miami real estate investor Israel Kopel. In 2009, The Kopel entity paid $2 million for the mobile home park that was completed in 1975, records show. Four remaining mobile home residents were evicted in June, court records show.
The property sold just below its asking price of $16.5 million, Mekras said. Longpoint did not respond to a request for comment, but Mekras said zoning allows the buyer to redevelop River Park into an industrial project.
2260 Northwest 27th Avenue (Longpoint Realty Partners)
In addition to the site’s size, River Park’s proximity to the airport, PortMiami and easy highway access made the property an attractive purchase for Longpoint, which specializes in the industrial sector, Mekras said.
Miami-Dade’s industrial sector is experiencing a land crunch, as inventory of developable land for new warehouses is diminishing across the county. A 2022 Commercial Industrial Association of South Florida outlook from earlier this year shows Miami-Dade has 1,300 acres left for potential industrial development that could run out in eight years.
As a result, warehouse builders are targeting potential redevelopment sites in Allapattah, Medley and other submarkets near the Airport West sector.
Industrial developers are also eyeing South Florida mobile home parks. Last year, Industrial Outdoor Ventures and Stockbridge Real Estate dropped $64 million for the Twin Lakes Travel Park in Davie. The joint venture is redeveloping the nearly 39-acre site into a warehouse facility with an outdoor truck terminal.
Longpoint, led by managing and founding partner Dwight Angelini, is among the most prolific institutional buyers of South Florida commercial real estate. This month, the firm picked up a two-building shopping center in Hialeah for $43 million. In October, Longpoint paid $16.6 million for three warehouses in Sunrise. Also last year, Longpoint bought three warehouses in Opa-Locka for $21.8 million.