Longpoint has recently completed the acquisition of a collection of industrial-logistics properties spanning 1.4 million square feet across 12 locations in the Miami and Fort Lauderdale, Florida, areas. The Boston-based real estate private equity firm purchased the 25-building industrial portfolio for $262 million from Seagis Property Group based in Pennsylvania. This acquisition marks Longpoint’s expansion in various infill submarkets in Florida and was finalized in December, with an official announcement made on Friday.
Dwight Angelini, co-founder and managing partner of Longpoint, expressed his excitement about the acquisition in a news release, stating that the properties align with their strategy of acquiring high-quality industrial properties in key logistics hubs. He also highlighted the potential for significant growth through capital improvements and operational enhancements.
The transaction was reported to be the largest industrial sale in Florida in 2023 by real estate firm CBRE. CBRE Vice Chairman Jose Lobon mentioned that the buyer was drawn to the portfolio due to its substantial presence in South Florida, a robust industrial market in the country.
Longpoint officials emphasized that the properties are strategically located along major transportation routes, enabling tenants to effectively serve South Florida’s population of approximately 6.5 million residents. The surge in purchasing power in Florida, particularly in Miami-Dade and Broward counties, has driven a high demand for distribution facilities in the region.
Although the specific locations of the properties were not disclosed, it was mentioned that nine of the buildings are situated in Davie, Deerfield Beach, Fort Lauderdale, and Lauderhill, Florida. Longpoint Partners, established in 2015, is a private equity firm dedicated to real estate ownership and operation, prioritizing consumer needs. With eight offices and over 50 employees nationwide, the company continues to focus on growth and expansion in the U.S. market.
