Longpoint has acquired a cluster of industrial-logistics properties totaling 1.4 million square feet across 12 locations in the Miami and Fort Lauderdale, Florida, areas.
The Boston-based real estate private equity firm acquired the 25-building industrial portfolio for $262 million from Pennsylvania-based Seagis Property Group. Longpoint officials said the acquisition expands the company’s presence throughout several infill submarkets in Florida.
The transaction closed in December and was officially announced on Friday.
“The properties are complementary to our portfolio and represent our strategy of acquiring high-quality industrial properties in critical logistics hubs,” Dwight Angelini, co-founder and managing partner of Longpoint, said in a news release. “This portfolio offers significant upside opportunity through capital improvements and operational upgrades.”
The transaction was the largest industrial sale in Florida in 2023, according to real estate firm CBRE.
“The buyer was attracted to this portfolio because it offered rare critical mass in South Florida, one of the strongest industrial markets in the country,” CBRE Vice Chairman Jose Lobon said in a statement.
The portfolio consists of properties situated along or near major transportation roads, allowing tenants to service South Florida’s population centers, which total about 6.5 million individuals, Longpoint officials said.
In 2023, Florida led the nation in net income migration at nearly $40 billion, the bulk of which flowed directly into Miami-Dade and Broward counties. The increase in purchase power has led to record levels of demand for distribution facilities in South Florida, according to Longpoint.
Longpoint did not specify the exact location of the properties, but nine of the buildings are located in the communities of Davie, Deerfield Beach, Fort Lauderdale and Lauderhill, Florida, according to The Real Deal.
Longpoint Partners, founded in 2015, is a private equity owner and operator of real estate focused on serving the needs of consumers. The company has eight offices and more than 50 employees across the U.S.
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