BOSTON--(BUSINESS WIRE)--Boston-based real estate investment firm Longpoint announced today that it has acquired a 25-building industrial portfolio in South Florida for $262 million. The 1.4 million-square-foot portfolio comprises 12 locations across the Miami and Fort Lauderdale MSAs. These acquisitions further expand Longpoint’s presence throughout many of the most attractive infill submarkets in Florida.
“We are pleased to have worked with Seagis Property Group on this transaction. The properties are complementary to our portfolio and represent our strategy of acquiring high-quality industrial properties in critical logistics hubs,” said Dwight Angelini, Co-Founder and Managing Partner of Longpoint. “This portfolio offers significant upside opportunity through capital improvements and operational upgrades.”
The portfolio consists of properties situated in highly strategic locations along or near major transportation arterials, allowing tenants to efficiently service South Florida’s population centers, with an aggregate total of 6.5 million individuals. 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 County. The increase in purchase power has led to record levels of demand for distribution facilities in South Florida.
About Longpoint
Headquartered in Boston, MA, Longpoint is a vertically integrated private equity real estate firm with extensive experience in acquiring and operating infill logistics real estate in major U.S. markets. Longpoint chooses its investments and value-creation strategies based on an analytical process that incorporates key drivers impacting global supply chain restructuring, as well as consumer shopping patterns. Longpoint is minority owned and is registered as an investment adviser with the SEC. Founded in 2015, Longpoint has offices in Atlanta, Boston, Dallas, Los Angeles, Miami, New Jersey, and Washington DC.