Longpoint Sells Warehouse Portfolio For $70M: The South Florida Deal Sheet
Boston-based Longpoint Realty Partners sold a portfolio of three industrial properties for $69.9M to MIG Real Estate.
MIG Real Estate funded its purchase with a $69M loan from Bank of America, according to property records provided by Vizzda. Longpoint sold the properties for a combined 68% gain on what it paid.
MIG acquired the five-building Interstate Commerce Center in Davie for $29M. Built in 1980, the warehouses total 124K SF on just more than 8 acres. Longpoint purchased the property at 5000 Oakes Road and 3600-3750 Hacienda Blvd. in 2019 for $15M.
Longpoint also sold the Courtyard Distribution Center in Sunrise for $27M. The three-building, 7-acre property along Northwest 108th Avenue totals 102K SF. Longpoint paid $16M to acquire the complex in 2021.
Finally, MIG bought the two-building Fort Lauderdale Commerce Center for $13M. The warehouses at 3571 and 3559 NW 53rd St. were built in 1984 on a nearly 3-acre site. Longpoint acquired the property in 2022 for $10.5M.
SALES
An entity of Leste Group sold the 3-acre North Miami site of a proposed mixed-use project to another of its affiliates for $26M, according to Vizzda property records.
Leste’s affiliate, Propco JW LLC, sold 1660 NE 127th St. and 12600 NE 17th Ave. to LDG WB 126 St Propco LLC, funded by a $13M loan from LV Lending.
The property has plans for 450 multifamily units split between 67 studios and 101 one-bedroom, 235 two-bedroom and 46 three-bedroom units. It will also feature 11K SF of ground-floor retail, a dog spa, coworking space and a roof deck in the 19-story building while offering 739 parking spaces.
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An entity tracing to Toronto-based Granite REIT purchased the Coral Springs Logistics Center from Barings for $36M, according to Vizzda property records.
The two-building, 128K SF industrial property was built in 2020 on 7 acres at 3850 to 3872 NW 126th Ave. North Carolina-based Barings acquired it in 2022 for $31M.
CONSTRUCTION AND DEVELOPMENT
Codina Partners broke ground on its Downtown Doral residential tower, Sevilla, after landing a $100M construction loan from Ocean Bank, according to a release.
The seven-story, 412-unit development is set to rise at Northwest 53rd Street and 52nd Terrace as part of Codina’s 250-acre mixed-use community.
Sevilla will have one-, two- and three-bedroom units that range between 720 SF and 1,710 SF. It will also have nearly 16K SF of amenities, with pool deck, a zen courtyard with a dog park, pickleball courts, a yoga yard, a clubroom and lounge, and a two-story gym.
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Butters Construction and Development broke ground on the District Industrial Park, which has the tenant mix of a sports park, following a $73.5M loan from BMO Bank, the South Florida Business Journal reported.
The loan was provided to a joint venture of Butters and Jon H. Channing for the planned seven-building project totaling 500K SF.
American Twisters Gymnastics signed a 20K SF lease, while 26K SF will be built out as indoor padel courts, and 80K SF was leased for indoor tennis and pickleball courts.
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New York-based developers Harsh and Nickul Patel and Beau Williams are looking to develop a 75-unit hotel in Fort Lauderdale Beach, The Real Deal reported.
The developers, who purchased the site at 3001 Alhambra St. for $2.8M in 2022, plan to open a 15-story 42 Hotel by 2027. The project is planned with a rooftop bar and pool, a fifth-floor lobby with a bar and coffee shop, and a gym, Florida YIMBY reported in 2023.
They plan to start clearing the development site for construction by the end of this year.
LEASES
Related Ross’ CityPlace West Palm Beach has signed more than 125K SF of new retail tenants set to open by the end of the year, according to a release.
Some tenants — including Alo Yoga, clothing brand Reformation, and beauty and wellness retailer Bluemercury — have already opened their doors at 700 S. Rosemary Ave.
Later this summer, Crate & Barrel, sustainable shoe brand Rothy’s and high-end home furnishings store Perigold are expected to join the lineup. Rounding out the openings in the fall, Hawaiian-inspired footwear company OluKai will debut its store. Square footage for the leases weren't disclosed.
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Hypower LLC leased more than 40K SF at Prologis Seneca Park 600 in Pembroke Park, according to a release.
The electrical and utility service company is consolidating multiple locations scattered across Fort Lauderdale into a single facility at 2301 SW 32nd Ave. Prologis Seneca Park is an 11-building, 1.5M SF campus, according to a CBRE listing.
The landlord was represented by a CBRE team of Michael Oretsky and Tom O’Loughlin. Hypower was represented by Commercial Partners’ Lydia Montaigne.
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Venture X opened its first Boca Raton location at the Palmetto Central Office campus, the South Florida Business Journal reported.
The coworking company signed the 30K SF lease for the top floor of the two-story building at 1489 and 1499 W. Palmetto Park Road in August 2024. Grover Corley, which owns the property, gave the building a $60M renovation, upgrading the facades, lobby and common areas.
