Longpoint continues bulking up its South Florida industrial portfolio, recently paying $27.2 million for three Medley warehouses.
An affiliate of Boston-based Longpoint, led by founding partner Dwight Angelini, acquired the 113,936-square-foot complex at 9942 Northwest 89th Court, records and real estate database Vizzda show. The deal breaks down to $237 per square foot.
The seller, an entity managed by Stephen Gorey, president of Miami-based Tropic Oil Corp., paid $8 million for the 5-acre industrial site in 2014, records show. The buildings were completed in 1983.
Tropic Oil is headquartered on the property, an online listing shows.
Longpoint, under South Florida partner Kathy Mulkern, has built up a formidable warehouse portfolio in the tri-county region since the end of last year, when the firm notched the largest industrial deal. Longpoint paid $262 million for a Seagis portfolio of 25 industrial buildings spanning 1.4 million square feet in Miami-Dade and Broward counties. In January, Longpoint added six more warehouses in Medley to its portfolio, paying $30 million.
The firm, which has $3.9 billion in commercial real estate assets across the U.S., is also bullish on South Florida shopping centers. Last month, Longpoint paid $33.1 million for Palm Aire Marketplace, a Pompano Beach retail plaza anchored by Presidente Supermarket and dd’s Discount stores.
Last year, Longpoint purchased Trail Plaza in West Miami for $49.3 million. The fully leased shopping center on 17 acres is anchored by a Fresco y Mas supermarket.
In the second quarter, Miami-Dade industrial landlords continued to do exceptionally well, as the average asking rent rose 9 percent to $17.42 a square foot from $16.06 a square foot during the same period of last year, according to JLL. Tenant demand still outpaces supply, even though Miami-Dade’s industrial vacancy rate rose slightly to 2.3 percent in the second quarter, compared to 1.9 percent during the same period of last year, JLL found.