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Longpoint expands South Florida retail portfolio with $33M Pompano Beach purchase
Boston-based firm acquired Palm Aire Marketplace, shopping center anchored by Presidente Supermarket and dd’s Discount stores
Longpoint Realty Partners added another grocery store-anchored shopping center to its South Florida retail portfolio.
An affiliate of Boston-based Longpoint paid $33.1 million for Palm Aire Marketplace at 299 South Powerline Road in Pompano Beach, records and real estate database Vizzda show. The 143,219-square-foot shopping center is anchored by Presidente Supermarket and dd’s Discount stores, according to an online brochure.
Longpoint, led by founding partner Dwight Angelini, paid roughly $231 per square foot for the retail center.
A Colliers team led by Harry Blyden and Bastian Schauer represented the seller, an entity managed by Daniel Halpern in Coral Gables and Mario Guzman and Alberto Guzman in Aventura, a press release states.
In 2016, the Halpern and Guzman entity paid $28.2 million for the 19.8-acre retail site, records show. Palm Aire, consisting of seven one-story buildings, was completed in phases in 1980, 1997, 1998 and 2003.
The property was 90 percent leased at the time of sale. Other tenants include Chase Bank, CVS, Dollar Tree, T-Mobile and The UPS Store, the release states.
Longpoint, which has $3.9 billion in commercial real estate assets across the U.S., is among the most active institutional investors in South Florida. In January, the firm dropped $30 million for a portfolio of six industrial buildings in Medley and Doral shortly after recording the largest industrial deal of 2023. In December, Longpoint paid $262 million for 25 warehouses in Miami-Dade and Broward counties.
Also last year, Longpoint acquired Trail Plaza, a fully leased shopping center anchored by a Fresco y Mas supermarket in West Miami. The firm paid $49.3 million for the 17-acre property which includes a 181,600-square-foot retail center and six outparcels.
In 2022, Longpoint paid $43 million for El Paraiso, a two-building shopping center anchored by a Sedano’s grocery store in Hialeah. Other tenants include Harbor Freight Tools, Party Depot and Walgreens.
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