Blackstone Portfolio In South Florida Trades For $331 Million

Longpoint Partners has acquired a 26-building, 1.4 million-square-foot industrial portfolio in South Florida for $331.3 million from Blackstone.

The properties, featuring an average occupancy rate of 97%, include last-mile, infill facilities with clear heights of 21 feet and truck court depths of 50-200 feet. About a quarter of the portfolio consists of office space.

Longpoint plans a value-add strategy, focusing on physical repositioning, adaptive reuse, and development. The portfolio is primarily located in Miami-Dade, Broward, and Palm Beach counties and stands to benefit from the Golden Glades Interchange Enhancement, which will improve regional connectivity.

This acquisition adds to Longpoint’s growing presence in South Florida; last year, it purchased another 1.4 million-square-foot portfolio in Greater Miami and Fort Lauderdale for $260 million. The firm has also expanded outside Florida, acquiring a light industrial portfolio in Fremont, California, for $31.5 million.

The demand for last-mile distribution centers has surged in recent years, with price per square foot growing at an annual rate of 17.2% between 2017 and 2022. Metro Miami, in particular, has seen a high volume of small-scale industrial sales, reflecting this trend.

The CBRE team that represented the seller included Jose Lobón, Frank Fallon, Trey Barry, and Royce Rose.

 

Source:  CPE