Longpoint Partners has acquired a 10-building industrial portfolio in Miami-Dade County for $195 million, expanding the private equity real estate firm’s presence in South Florida.
The portfolio contains 729,901 square feet of industrial space across approximately 41.8 acres in established Miami industrial submarkets.
Longpoint acquired the properties for approximately $267 per square foot.
At the time of the acquisition, the portfolio was approximately 90% occupied by 74 tenants.
The average tenant occupies approximately 9,864 square feet, providing the portfolio with a diversified tenant base and relatively small average unit size.
The 10 buildings average approximately 72,990 square feet and feature clear heights ranging from 17 to 25 feet.
The properties collectively offer 231 loading positions, front and rear loading configurations and a 40% floor area ratio.
Longpoint said those characteristics provide flexible space suitable for a broad range of industrial customers and fit its strategy of acquiring functional assets in supply-constrained infill locations.
The investment builds on Longpoint’s existing presence in Miami and the broader South Florida market.
The firm has offices in both Miami and Fort Lauderdale, providing local sourcing, asset management and execution capabilities.
Longpoint’s thesis for the region is supported by Miami’s population growth, proximity to major consumer markets and transportation infrastructure.
Founded in 2015, Longpoint is a vertically integrated private equity real estate firm focused on acquiring industrial buildings in supply-constrained U.S. and European markets.
The firm is headquartered in Boston and operates 10 regional offices across the United States and two in Europe.
KEY QUOTES:
“Miami has been a core market for Longpoint for years. We have invested across South Florida, built a local team and operating platform, and developed deep relationships throughout the region. This acquisition reflects the conviction and discipline that have guided our work here: acquiring functional, well-located small-bay industrial assets with a diverse tenant base in locations where new supply is difficult to create. Our local presence and vertically integrated platform position us to execute the business plan and create durable value for our institutional investors.”
Dwight Angelini, Co-Founder and Managing Partner of Longpoint Partners
