Longpoint Partners recently purchased a 26-property industrial portfolio located in six markets across South Florida for $180 million. The acquisition was facilitated by CBRE Capital Markets’ Debt & Structured Finance team based in Atlanta, with financing provided by PGIM.
The properties were constructed between 1964 and 2003, with an average age of 1978. The portfolio consists of light industrial buildings situated in prime locations and is currently occupied by a total of 76 tenants, boasting an impressive overall occupancy rate of 97% at the time of sale. Miami-Dade County accounts for approximately71%of the properties, followed by Broward County at20%,and Palm Beach County at9%. These buildings feature dock/grade loading capabilities and have clear heights ranging from12’ to28’,with24%office finish and truck court depths spanning from50’to200’.
Earlier this year,PGRIM Real Estate also provided Longpoint Partners with a fixed-rate loan worth $64 million for their purchaseofanindustrial parkin New Jersey.This investment showcasesPGIM’s continued focus on actively investing withinthe U.S.industrial market.
Overall,the acquisition marks another successful venturefor LongpointPartnersas they continue to expand their presence within the commercial real estate industry.
