Longpoint Realty Partners has acquired Tree Garden Business Park, a fully leased industrial complex in Doral, for $31.5 million. The transaction was conducted off-market, according to broker Jose Sasson-Lerner.
Sasson-Lerner and Roberto Susi of Axiom Capital Advisors represented Longpoint in the deal, while Ralph Merritt of Commercial Property Group represented the seller. Records indicate that Rainforest Development Corp. and Tree Park Development, both led by Humberto Verre Filho, were the sellers.
The business park consists of two main properties: 4055 Northwest 79th Avenue includes two warehouses totaling 84,800 square feet built in 1996; the adjacent property at 4005 Northwest 79th Avenue is a single warehouse measuring 23,900 square feet completed in 1998. Together, they occupy a 5.8-acre site.
This marks the first sale of Tree Garden Business Park since its development. Tenants at the complex include Economic Electric Motors, Textronic (an electric and electronic auto parts retailer), Doral Conservatory School of the Arts, and FB Agents real estate agency.
Sasson-Lerner described the acquisition as “a value-add play by Longpoint.”
Longpoint is a private equity firm focused on investments in industrial properties and retail centers through its Lena Centers subsidiary. According to its website, Longpoint manages assets exceeding $4.7 billion.
The company is led by Dwight Angelini, Nilesh Bubna, Reid Parker, and Robert Provost III. Headquartered in Boston with an additional office in Miami’s Coconut Grove, Longpoint has been increasing its activity in Doral.
In July, Longpoint purchased six warehouses across multiple addresses in Doral for $82 million; these buildings have a combined area of approximately 302,000 square feet. Also last month, Longpoint sold an industrial portfolio in Broward County for $69.9 million to MIG Real Estate and bought Miramar Parkway Plaza—a retail center anchored by Presidente Supermarket—for $34 million.
South Florida’s industrial real estate market has seen increased vacancies compared to previous years. In Miami-Dade County’s first quarter this year, vacancy rates rose to 5.7 percent from last year’s 3.6 percent level as reported by CBRE; projections suggest landlords may reduce asking rents this year (https://www.cbre.com/insights/briefs/us-industrial-marketflash-q1-2024).
Major institutional investors such as Blackstone and Link Logistics have been selling off their South Florida holdings after reaching their investment timelines; since November they have closed six deals totaling over $1 billion—including a June sale of a large Opa-locka development site expected to be developed into Ironwood Commerce Center’s second phase with more than 740,000 square feet of space (https://therealdeal.com/miami/2024/06/12/link-blackstone-sell-opa-locka-dev-site-for-106m-to-foundry-commercial/).
Other recent transactions include Easton Group acquiring full ownership of the 25th Logistics Center at 9880 Northwest 25th Street in Doral for $26 million earlier this year.
