Longpoint Partners Acquires Fully Leased Medley Warehouse Portfolio For $264 PSF

Longpoint Partners has expanded its South Florida industrial holdings with the $38.8 million acquisition of four fully occupied warehouse buildings in Medley.

The Boston-based private equity real estate firm purchased two properties at 7200-7208 Northwest 84th Avenue and two additional buildings at 8203-8251 Northwest 70th Street. Together, the portfolio contains approximately 146,700 square feet, placing the purchase price at about $264 per square foot.

The properties were sold by the Ruben and Neida Artiles Irrevocable Trust, which is associated with Ruben Artiles Jr. and Martha Artiles. Property records show that the late entrepreneur Ruben Artiles developed the Northwest 70th Street complex in 1987 and completed the Northwest 84th Avenue buildings a decade later.

Longpoint was represented by Jose Sasson-Lerner and Roberto Susi of Axiom Capital Advisors. Ralph Merritt of Commercial Property Group represented the seller in the off-market transaction.

The portfolio had reportedly attracted unsolicited interest from investors for several years. Longpoint ultimately secured the properties after presenting the strongest offer and demonstrating its ability to complete the acquisition.

The Northwest 84th Avenue buildings occupy approximately 4.2 acres and are leased to companies including Sand Point Logistics, ZIX Corporation and Kiomex. The Northwest 70th Street complex sits on roughly 2.5 acres, with tenants that include Vencol and Baes Nutrition Labs.

The acquisition adds to Longpoint’s growing industrial presence in Miami-Dade County. The firm previously acquired the fully leased Tree Garden Business Park in Doral for $31.5 million and paid $82 million for the six-building America’s Gateway Park portfolio.

The transaction comes as Miami-Dade’s warehouse market adjusts to additional supply and softer demand for larger distribution facilities. Overall industrial vacancy reached 7.1 percent during the second quarter, compared with 6.3 percent a year earlier. Average asking rents nevertheless increased 4 percent year over year to $17.22 per square foot on a triple-net basis.

 

Source: The Real Deal