**Longpoint Acquires Doral Industrial Portfolio for $82M**
Longpoint Partners has acquired America’s Gateway Park, a six-building, 301,988-square-foot last-mile industrial portfolio located in Doral, Florida, for $82 million.
CBRE National Partners represented the seller, Terreno Realty Corporation, in the transaction. The CBRE team included José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun, and Daniel Sarmiento. Terreno originally purchased the portfolio in 2013 for $23.7 million. The deal generated an unleveraged internal rate of return of 14.7%.
The portfolio includes properties located at:
– 8901 NW 20th Street
– 2011 NW 89th Place
– 8940 NW 24th Terrace
– 8933 NW 23rd Street
– 1400 NW 89th Avenue
– 1401 NW 89th Court
At the time of sale, the portfolio was 91% occupied with 21 tenants. The individual buildings range in size from 32,990 to 64,774 square feet and have undergone nearly $4 million in recent renovations. All six properties are situated in the Airport West Submarket, one of South Florida’s most active industrial hubs.
