In the last month Longpoint acquired a 25-building industrial portfolio in South Florida for $262 million marking what it says was the state's largest industrial transaction for 2023. The 1.4 million-square-foot portfolio comprises 12 locations across the Miami and Fort Lauderdale metro areas and further expands Longpoint's presence in Florida's infill submarkets. Seagis Property Group was the seller of the portfolio.
Longpoint's Dwight Angelini says that the portfolio "offers significant upside opportunity through capital improvements and operational upgrades."
It also points out that last year Florida led the nation in net income migration at nearly $40 billion, the bulk of which flowed directly into Miami Dade and Broward County. The increase in purchase power has led to record levels of demand for distribution facilities in South Florida.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
