Longpoint Realty Partners has acquired Tree Garden Business Park, a fully leased industrial complex in Doral, for $31.5 million. The transaction was completed off-market, according to broker Jose Sasson-Lerner of Axiom Capital Advisors, who represented Longpoint along with Roberto Susi. Ralph Merritt of Commercial Property Group acted on behalf of the seller.
The sellers were Rainforest Development Corp. and Tree Park Development, both led by Humberto Verre Filho. The property at 4055 Northwest 79th Avenue consists of two warehouses totaling 84,800 square feet built in 1996. The adjacent site at 4005 Northwest 79th Avenue is a single warehouse measuring 23,900 square feet and was completed in 1998. The combined campus sits on a 5.8-acre parcel.
This marks the first sale of Tree Garden Business Park since its development. Current tenants 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 investment for Longpoint.
Longpoint is a private equity firm specializing in industrial properties and retail centers through its Lena Centers subsidiary. According to its website, Longpoint manages assets exceeding $4.7 billion.
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 presence in Doral recently; in July it purchased six warehouses spanning about 302,000 square feet for $82 million across multiple addresses including Northwest 20th Street and Northwest 89th Place. That same month it sold an industrial portfolio in Broward County—including sites in Davie, Sunrise, and Fort Lauderdale—for $69.9 million to MIG Real Estate.
Also during July, Longpoint bought Miramar Parkway Plaza—a shopping center anchored by Presidente Supermarket—for $34 million.
Market conditions have shifted from previous years’ highs: Miami-Dade County’s industrial vacancy rate rose to 5.7 percent during the first quarter compared to last year’s figure of 3.6 percent; CBRE reports that landlords are expected to lower asking rents this year (https://www.cbre.com/insights/reports/us-industrial-marketflash-q1-2024).
Large investors such as Blackstone and Link Logistics have been selling their South Florida holdings after several years of ownership; since November they have closed six deals worth over $1 billion collectively (https://therealdeal.com/miami/2024/06/10/link-logistics-blackstone-sell-miami-dade-site-for-106m/). One notable transaction was the June sale of a nearly 44-acre Opa-locka development site intended for expansion of Ironwood Commerce Center.
Other recent activity includes Easton Group’s January purchase of its partners’ stake in the nearby 25th Logistics Center at 9880 Northwest 25th Street for $26 million.
