Longpoint Acquires $195M Miami Industrial Portfolio
The deal includes 10 buildings.
Longpoint Partners has acquired a 10-building, 729,900-square-foot industrial portfolio in Miami-Dade County, Fla., for $195 million.
The seller was not disclosed, and Longpoint did not reply to Commercial Property Executive’s request for that and other information about the deal.
The portfolio is 90 percent occupied by 74 tenants, with an average tenant size of about 9,864 square feet. The 10 buildings feature clear heights ranging from 17 to 25 feet, front- and rear-loading configurations, a total of 231 loading positions and a 40-percent floor area ratio across about 41.8 acres in multiple Miami industrial submarkets.
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In January, Longpoint secured $108 million in acquisition financing from PGIM for a four-building, 760,000-square-foot industrial portfolio comprising assets in Fremont, Calif., Irving, Texas, Doral, Fla., and Medley, Fla., the latter two of which are in Miami-Dade County.
The county’s industrial market is rebuilding momentum, helped along by strong leasing activity, positive absorption and continued rent growth, according to a second-quarter report from Colliers. Still, the numbers are a bit mixed.
The second quarter saw 3 million square feet of leasing activity, but with only about 783,000 square feet of net absorption. Vacancy increased 60 basis points to 7.7 percent, because of the delivery of 769,100 square feet of new industrial space, Colliers reported. An additional 2.9 million square feet is under construction.
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