Longpoint Pays $32 Million For Doral Warehouse Complex In Off-Market Deal
Longpoint’s purchase represents a value-add investment opportunity, as the firm looks to strengthen its foothold in Miami-Dade’s competitive industrial market.
Longpoint’s purchase represents a value-add investment opportunity, as the firm looks to strengthen its foothold in Miami-Dade’s competitive industrial market.
The strategically located site sits adjacent to Miami Executive Airport, just three miles from the Florida Turnpike in the heart of Miami-Dade County’s thriving industrial corridor.
A previously announced ten-year lease for 82,000 square feet with an aircraft engine maintenance, repair and overhaul provider has been expanded to 92,000 square feet, and a new tenant has signed a lease for 72,000 square feet.
Plans call for 75,080 square feet across two buildings.
“This was a quick listing and closing cycle, which demonstrates the strong demand for this type of high-barrier-to-entry product,” said Everett. “We were able to generate significant buyer interest and close the deal in two months, which reflects the continued strength of the South Florida industrial market.”
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Michael Alaoui, senior director investments in Marcus & Millichap’s Miami office, represented the seller and procured the buyer in an all-cash transaction.
Berger Commercial Realty Senior Vice President Joseph Byrnes and Sales Associate Daniel Forman negotiated the deal on behalf of the seller.
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The acquisition marks The Easton Group’s second acquisition within the Gratigny submarket.
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