Longpoint Partners Makes Additional $30 Million Industrial Portfolio Purchase
Will Falero, President with Pro Industrial LLC, represented both the buyer and seller in the transaction, which closed January 10.
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Will Falero, President with Pro Industrial LLC, represented both the buyer and seller in the transaction, which closed January 10.
Kirk Nelson, Robert Smith, and Jeff Kelly with CBRE represented the tenant in lease negotiations.
The City intends to optimize existing City owned parcels and replace aging structures by developing a mix of residential, commercial, and retail space.
The property makes up the office component of a newly delivered mixed-use project with more than 150,000 square feet of high-end retail space located at the main intersection of Miami’s rapidly transforming City of Doral.
The firm now occupies more than 10,000 square feet.
Grove Central, located at the intersection of US-1 and SW 27th Avenue, includes a 23-story residential tower with 402 multifamily, workforce and co-living units, a new 1,250-space public parking garage, and approximately 170,000 square feet of neighborhood retail.
The property sold for $7,700,000.
David Wigoda, SIOR with CBRE Capital Markets represented the seller in the transaction.
The project consists of 244 one- and two-bedroom units dedicated to affordable and workforce housing. Among these, 40 percent cater to low-income seniors, while the remainder is allocated to residents earning up to 120 percent of the area’s median income.
Leo Reilly and Robert Hunter, investment specialists based in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller.
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