Longpoint Partners turned a tidy profit on a warehouse in Miami Gardens, flipping the industrial facility for $15M more than its purchase price four years ago.
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The Boston-based firm, led by Dwight Angelini, sold the 211K SF facility to Corebridge Real Estate Investors, a subsidiary of Corebridge Financial, for $43.5M, according to a press release.
Longpoint purchased the 11-acre property in 2021 for $28.9M, the South Florida Business Journal reported.
Located within the 5M SF Sunshine State Industrial Park at 1400 NW 159th St., the property is fully leased. One of the tenants at the property is DS18, an electronics manufacturer.
The warehouse, built in 1969, features 24-foot clear heights, 49 loading positions and 151 parking spaces. CBRE’s José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento represented Longpoint in the sale.
The deal equates to roughly $196 per SF. Average asking rent for Miami industrial space was $16 per SF at the end of 2024, up 7.7% year-over-year, according to a report by CBRE.
Rent growth is expected to slow after industrial development in Miami reached a historic peak in 2024, with more than 5M SF delivered, according to CBRE. Vacancy climbed to 5.7% last year from 2.7% in mid-2022, but construction is expected to slow.
Longpoint made the largest industrial purchase of 2024 — and one of the year’s biggest purchases overall — acquiring 26 properties from Blackstone’s Link Logistics in November for $331.3M. The firm secured a $180M loan from PGIM Real Estate to finance the 1.4M SF South Florida portfolio, with buildings dating from 1964 to 2003, The Real Deal reported.
Corebridge, led by CEO Douglas Tymins, bought another warehouse in Miami Gardens in mid-2024 for $25.5M that was fully leased to Moishe Mana, TRD reported at the time.
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