Longpoint Realty Partners continues to gorge on South Florida industrial properties, picking up a Blackstone warehouse portfolio for a combined $331.3 million. The purchase represents the largest industrial deal of this year.
Affiliates of Boston-based Longpoint, led by Dwight Angellini, acquired 26 properties in Miami-Dade, Broward and Palm Beach Counties from affiliates of Link Logistics, the industrial real estate subsidiary of New York-based investment giant, Blackstone, records and real estate database Vizzda show.
Longpoint is partially financing the portfolio acquisition with a $180 million mortgage from PGIM Real Estate. A CBRE team led by Jose Lobón and Frank represented Link Logistics, which is led by CEO Luke Petherbridge. Blackstone is led by CEO Steven Schwarzman.
Blackstone sold Longpoint 10 industrial sites with 26 buildings in Coconut Creek, Dania Beach, Delray Beach, Hollywood, Miami Gardens and Miami Lakes, records and Vizzda show. The properties sold in separate deals ranging as high as $86.3 million to as low as $7.5 million.
Spanning 1.4 million square feet, the industrial buildings were completed between 1964 and 2003. The properties are 97 percent leased, a press release states. Longpoint is devouring warehouses across South Florida, positioning the firm as the commercial submarket’s largest landlord.
In September, Longpoint added three warehouses in Medley to its South Florida real estate empire. The firm paid $27.2 million for the 113,936-square-foot complex from the seller, Stephen Gorey, president of Miami-based Tropic Oil Corp. The company remained on the property as a tenant.
Longpoint also acquired six industrial facilities in Doral and near Medley in January, dropping $30 million for the buildings. A month earlier, Longpoint notched the largest industrial deal of 2023 when the firm paid Conshohocken, Pennsylvania-based Seagis a combined $262 million for a 25-warehouse portfolio in Miami-Dade and Broward counties.
Amid its industrial buying binge, Longpoint also added a shopping center to the firm’s South Florida retail portfolio. In August, the company purchased Palm Aire Marketplace, a shopping center anchored by Presidente Supermarket and dd’s Discount stores, for $33.1 million.