Following a busy South Florida two-year buying binge, Longpoint shed a warehouse near Miami Gardens for $43.5 million.
An affiliate of Boston-based Longpoint, led by founding partner Dwight Angelini, sold a nearly fully-leased 221,471-square-foot warehouse at 1400 Northwest 169th Street in unincorporated northwest Miami-Dade. The buyer is New York-based Corebridge Real Estate Investors, led by CEO Douglas Tymins, according to a press release.
The deal breaks down to $196 per square foot.
A CBRE team led by José Lobón and Trey Barry represented Longpoint, which sold the property for a nearly $15 million gain. In 2021, Longpoint paid $28.9 million for the 11.2-acre site, records show. The building was completed in 1969.
The warehouse is within the Sunshine State Industrial Park, an industrial complex spanning five million square feet, the press release states.
Longpoint has been among the most active institutional buyers of South Florida industrial real estate. In November, Longpoint picked up a 26-property warehouse portfolio across Miami-Dade, Broward and Palm Beach counties for $331.3 million, representing South Florida’s largest industrial purchase of 2024. Blackstone was the seller.
In September, Longpoint paid $27.2 million for three warehouses in Medley, nine months after acquiring three other facilities in the same town and another trio of industrial properties in Doral for $30 million.
Longpoint also notched South Florida’s largest industrial buy of 2023 when the firm paid $262 million for a 25-building industrial portfolio in Miami-Dade and Broward in December of that year.
Prior to its recent acquisition, Corebridge previously acquired an industrial facility in Miami Gardens for $25.5 million. The warehouse is fully leased to Moishe Mana, one of the largest land and commercial real estate property owners in Wynwood and downtown Miami.
Corebridge has $10.1 billion in real estate assets under management, according to the firm’s website.