Longpoint Buys Doral Warehouse Complex For $32M

Longpoint Realty Partners has expanded its South Florida portfolio with the $31.5 million acquisition of Tree Garden Business Park in Doral.

The fully leased industrial campus, located at 4005 and 4055 Northwest 79th Avenue, changed hands in an off-market deal.

Axiom Capital Advisors’ Jose Sasson-Lerner and Roberto Susi represented Longpoint, while Ralph Merritt of Commercial Property Group represented the sellers, Rainforest Development Corp. and Tree Park Development, both led by Humberto Verre Filho.

Tree Garden Business Park spans 5.8 acres and includes three warehouses totaling more than 108,000 square feet. The larger portion, at 4055 Northwest 79th Avenue, features two buildings completed in 1996, while the neighboring site at 4005 Northwest 79th Avenue is a 23,900-square-foot warehouse built in 1998.

Tenants at the complex include Economic Electric Motors, Textronic, Doral Conservatory School of the Arts, and FB Agents. This marks the first sale of the property since its development.

According to Sasson-Lerner, Longpoint’s purchase represents a value-add investment opportunity, as the firm looks to strengthen its foothold in Miami-Dade’s competitive industrial market.

Source: The Real Deal