Longpoint Realty Partners has acquired Tree Garden Business Park, a fully leased industrial complex in Doral, for $31.5 million. The purchase was made through an off-market transaction, according to broker Jose Sasson-Lerner of Axiom Capital Advisors, who represented Longpoint alongside Roberto Susi. Ralph Merritt of Commercial Property Group represented the seller.
The sellers were Rainforest Development Corp. and Tree Park Development, both led by Humberto Verre Filho. The property includes two warehouses at 4055 Northwest 79th Avenue totaling 84,800 square feet built in 1996, and an adjacent 23,900-square-foot warehouse at 4005 Northwest 79th Avenue completed in 1998. The combined campus sits on a 5.8-acre site.
This marks the first sale of Tree Garden Business Park. Current tenants include Economic Electric Motors, Textronic (an electric and electronic auto parts retailer), Doral Conservatory School of the Arts, and real estate agency FB Agents.
Jose Sasson-Lerner described the acquisition as a value-add play for Longpoint.
Longpoint is a private equity firm focused on investments in industrial properties and retail centers through its Lena Centers subsidiary. Its portfolio totals more than $4.7 billion in assets under management.
Headquartered in Boston with another office in Miami’s Coconut Grove, Longpoint is led by Dwight Angelini, Nilesh Bubna, Reid Parker and Robert Provost III.
The company has increased its investment activity in Doral recently. In July, it purchased six warehouses spanning a total of 302,000 square feet for $82 million across several addresses: 8901 Northwest 20th Street; 2011 Northwest 89th Place; 8940 Northwest 24th Terrace; 8933 Northwest 23rd Street; 1400 Northwest 89th Avenue; and 1401 Northwest 89th Court.
Also last month, Longpoint sold an industrial portfolio in Broward County to MIG Real Estate for $69.9 million. That portfolio included a warehouse campus at Davie’s 5000 Oakes Road, two warehouses at Sunrise’s 5101 and 5201 Northwest 108th Avenue, as well as two Fort Lauderdale warehouses at 3571 and 3559 Northwest 53rd Street.
In addition to these deals, Longpoint bought Miramar Parkway Plaza—a retail center anchored by Presidente Supermarket—at 3176 South University Drive for $34 million this July.
South Florida’s industrial market has shown signs of cooling since the pandemic-driven surge. According to CBRE data from the first quarter of this year, Miami-Dade County’s vacancy rate rose to about 5.7 percent from last year’s figure of around 3.6 percent. CBRE expects landlords will lower asking rents over the coming months.
Major investors such as Blackstone and Link Logistics have been selling their South Florida holdings after reaching expected hold periods on their funds—offloading properties valued at over $1 billion since November across six transactions including the recent sale of a large Opa-locka development site anticipated to become part of Ironwood Commerce Center’s second phase with six new buildings totaling more than 741,000 square feet.
Earlier this year Easton Group acquired its partners’ interest in Doral’s 105,000-square-foot 25th Logistics Center for $26 million.
