Longpoint Realty Partners has acquired the Tree Garden Business Park in Doral for $31.5 million. The deal, which was completed off-market, involves two sites at 4005 and 4055 Northwest 79th Avenue.
Jose Sasson-Lerner and Roberto Susi of Axiom Capital Advisors represented Longpoint in the transaction, while Ralph Merritt of Commercial Property Group acted for the seller. The properties were sold by Rainforest Development Corp. and Tree Park Development, both led by Humberto Verre Filho.
The complex includes a pair of warehouses totaling 84,800 square feet at 4055 Northwest 79th Avenue, built in 1996, and a separate 23,900-square-foot warehouse next door at 4005 Northwest 79th Avenue, completed in 1998. The entire campus covers about 5.8 acres.
This marks the first sale of Tree Garden Business Park. Tenants at the site include Economic Electric Motors, Textronic (an electric and electronic auto parts retailer), Doral Conservatory School of the Arts, and FB Agents real estate agency.
According to Sasson-Lerner, “The deal was a value-add play by Longpoint.”
Longpoint is a private equity firm specializing in industrial properties and retail centers through its Lena Centers subsidiary. Its portfolio exceeds $4.7 billion in assets under management.
Based in Boston with an additional headquarters in Miami’s Coconut Grove, Longpoint is led by Dwight Angelini, Nilesh Bubna, Reid Parker and Robert Provost III.
The company has increased its investment activity in Doral recently. In July, it purchased six warehouses across multiple addresses for $82 million; these buildings have a combined area of about 302,000 square feet.
Also last month, Longpoint sold an industrial portfolio in Broward County for $69.9 million to MIG Real Estate. The sale included several warehouse sites located in Davie, Sunrise and Fort Lauderdale.
In another July transaction, Longpoint acquired Miramar Parkway Plaza—anchored by Presidente Supermarket—for $34 million.
Recent data show that South Florida’s industrial market has slowed compared to its pace during the pandemic period. Miami-Dade County’s vacancy rate rose to 5.7 percent during this year’s first quarter from 3.6 percent a year earlier; industry analysts expect landlords will reduce asking rents over the coming months (https://www.cbre.com/insights/reports/us-industrial-marketflash-q1-2024).
Other investors are also adjusting their portfolios: Blackstone and Link Logistics have divested several South Florida properties since November through deals worth more than $1 billion—including a June sale of a large Opa-locka development site expected to host new office and industrial space (https://therealdeal.com/miami/2024/06/11/blackstone-link-logistics-sell-opa-locka-site-for-106m/).
Earlier this year, Easton Group bought out its partners’ interest for $26 million in another Doral property: the 25th Logistics Center at 9880 Northwest 25th Street.
