Industrial Construction 2020

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Longpoint Fetches Miami-Dade Warehouse for $59 Million

| Commercial Real Estate News, Deals, Featured, Industrial| Views: 0

Boston-based investor Longpoint Realty Partners has acquired a 304,000-square-foot industrial space in Miami-Dade County’s Golden Glades interchange. The buyer — represented by CBRE’s Christian Lee, Chris Riley, José Lobón, Amy Julian and Royce Rose — forked over $59 million for the Aventura Industrial Center, which is comprised of two warehouse buildings located at 555 NE 185th St. and 320 NE 187th St.

The portfolio’s previous owner, Stockbridge, bought the facility in June 2012 for $18.7 million and subsequently upgraded the buildings in 2015. The property was 64% leased at the most recent time of sale, sporting 110,850 square feet of vacant space available for lease. Boasting 98,911 square feet of cooler/freezer space, Aventura Industrial Center is an ideal fit for tenants ranging from pharmaceutical companies and flower importers to food distributors servicing the cruise lines in the nearby ports.

Warehouse Space in Miami-Dade

Aventura Industrial Center, Miami

“Aventura Industrial Center is strategically located along the Golden Glades interchange, one of the largest interchanges in South Florida where four of the tri-county’s most important roads and highways converge,” said Lobón, an executive vice president at CBRE. “This central location provides equidistant connectivity to each county’s principal growth driver: Miami International Airport, Fort Lauderdale International Airport, Port of Miami and Port Everglades.”

In November 2021, Longpoint Realty Partners secured $669 million for its second investment fund, aimed at acquiring warehouses strategically positioned near major U.S. urban centers. That move was part of a wider plan to increase the speed at which consumer goods can be delivered to customers because the surge in online shopping during the pandemic has dramatically increased the demand for warehouse spaces. Coupled with the ever more tangible vulnerabilities of overly extended global supply chains, industrial space near cities like Miami is increasingly hard to come by as asking rates are rising and vacancies are falling all across South Florida.

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