Longpoint Partners is continuing to expand its South Florida presence by acquiring an industrial portfolio for $331.3 million from Blackstone, according to a report from the Commercial Observer.
The 26-building last-mile assets, which were all built between 1964 and 2003, take up a total of 1.4 million square feet. The warehouses are 97 percent leased.
According to a statement by Dwight Angelini, co-founder and managing partner of Longpoint, the deal “offered us the opportunity to significantly expand our footprint in South Florida, complementing our consistent and proven strategy to invest in high-quality industrial properties located in major logistics markets."
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The acquisition now gives the private equity firm 4.7 million square feet of total industrial space in South Florida. So the 26-building purchase represents almost a third of its industrial footprint in the region. Some 71 percent of the assets purchased are located in Miami-Dade County, with nine percent and 20 percent in Palm Beach County and Broward County, respectively, according to the CO.
In the past year, Longpoint bought an industrial portfolio in Broward County for $115.6 million, and another in Miami and Fort Lauderdale for $262 million. Since 2017, the firm has made more than 100 acquisitions.
CBRE represented Blackstone on Longpoint's latest purchase.
For South Florida, fundamentals for the industrial sector have been a mixed bag, at least according to the latest market report from Avison Young. Miami, for example, struggled with a record of six million square feet of new inventory in the third quarter, with negative absorption at 155,122 square feet. Supply wasn't that big of a challenge in West Palm Beach and Fort Lauderdale, as the regions positively absorbed 301,000 square feet and 24,000 square feet, respectively. Avison Young said asking rents saw "steady growth," reaching $16.72 per square foot NNN in Fort Lauderdale; West Palm shot up 12 percent year-over-year to $15.81 per square foot NNN; Miami's "stabilized" at $17.10 per square foot NNN, according to Avison Young.
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