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.
Sasson-Lerner and Roberto Susi of Axiom Capital Advisors represented Longpoint in the deal. Ralph Merritt from Commercial Property Group represented the seller.
The sellers were Rainforest Development Corp. and Tree Park Development, both led by Humberto Verre Filho. The complex includes two warehouses at 4055 Northwest 79th Avenue totaling 84,800 square feet built in 1996, and an adjacent warehouse at 4005 Northwest 79th Avenue with 23,900 square feet completed in 1998. The properties sit on a combined 5.8-acre site.
This marks the first sale of Tree Garden Business Park. Tenants include Economic Electric Motors, Textronic (an electric and electronic auto parts retailer), Doral Conservatory School of the Arts, and real estate agency FB Agents.
Sasson-Lerner described the acquisition as a value-add play by Longpoint.
Longpoint is a real estate private equity firm investing in industrial properties and retail centers through its Lena Centers subsidiary. Its portfolio includes more than $4.7 billion in assets under management.
The company is led by Dwight Angelini, Nilesh Bubna, Reid Parker, and Robert Provost III. Headquartered in Boston with another office in Miami’s Coconut Grove, Longpoint has increased its investment activity in Doral recently.
In July, Longpoint purchased six warehouses across several addresses in Doral for $82 million; these properties total approximately 302,000 square feet. That same month, Longpoint sold an industrial portfolio in Broward County for $69.9 million to MIG Real Estate and acquired Miramar Parkway Plaza—a retail center anchored by Presidente Supermarket—for $34 million.
South Florida’s industrial market has shown signs of softening after rapid growth during the pandemic period. According to CBRE data from the first quarter of this year, Miami-Dade County’s vacancy rate rose to 5.7 percent compared to 3.6 percent a year earlier; CBRE also expects landlords will lower asking rents this year (https://www.cbre.com/insights/reports/us-industrial-marketflash-q1-2024).
Large firms such as Blackstone and Link Logistics have been selling off South Florida holdings as their investor-backed funds reach maturity periods; since November they have completed six sales worth over $1 billion combined (https://therealdeal.com/miami/2024/06/10/blackstone-link-logistics-sell-sixth-south-florida-property-for-105m/). In June alone they sold a development site expected to become part of Ironwood Commerce Center for $105.7 million.
Additionally, Easton Group bought out partners’ interest earlier this year in the 25th Logistics Center at 9880 Northwest 25th Street for $26 million.
