Longpoint Sheds Miami-Dade Warehouse For $44M

Following an active two-year buying spree in South Florida, Longpoint has sold a warehouse near Miami Gardens for $43.5 million.

A Boston-based Longpoint affiliate, led by founding partner Dwight Angelini, sold a nearly fully leased 221,471-square-foot warehouse located at 1400 Northwest 169th Street in northwest Miami-Dade. The buyer, Corebridge Real Estate Investors, is a New York-based firm led by CEO Douglas Tymins, according to a press release.

The transaction equates to $196 per square foot.

A CBRE team including José Lobón and Trey Barry represented Longpoint in the deal, which resulted in a nearly $15 million profit. Longpoint originally purchased the 11.2-acre property in 2021 for $28.9 million, records indicate. The warehouse, constructed in 1969, is part of the Sunshine State Industrial Park, a five-million-square-foot industrial complex.

Longpoint has been a prominent institutional investor in South Florida’s industrial market. In November, the firm acquired a 26-property warehouse portfolio across Miami-Dade, Broward, and Palm Beach counties for $331.3 million, marking the region’s largest industrial purchase of 2024. Blackstone was the seller.

Additionally, in September, Longpoint paid $27.2 million for three warehouses in Medley, following an earlier acquisition of six industrial properties—three in Medley and three in Doral—for $30 million.

Longpoint also made South Florida’s biggest industrial purchase of 2023 when it bought a 25-building portfolio in Miami-Dade and Broward for $262 million in December of that year.

Before this latest purchase, Corebridge had already invested in the Miami Gardens industrial market, acquiring a warehouse for $25.5 million. That property is fully leased to Moishe Mana, a major real estate owner in Wynwood and downtown Miami.

According to its website, Corebridge manages $10.1 billion in real estate assets.

Source:  The Real Deal