Longpoint Realty Partners has acquired Tree Garden Business Park, a fully leased industrial complex in Doral, for $31.5 million. The off-market transaction involved properties at 4005 and 4055 Northwest 79th Avenue. Broker Jose Sasson-Lerner of Axiom Capital Advisors represented Longpoint in the deal alongside Roberto Susi, while Ralph Merritt of Commercial Property Group acted on behalf of the seller.
The sellers were Rainforest Development Corp. and Tree Park Development, both led by Humberto Verre Filho. The site includes two warehouses at 4055 Northwest 79th Avenue totaling 84,800 square feet built in 1996, and a neighboring warehouse at 4005 Northwest 79th Avenue with an area of 23,900 square feet completed in 1998. The campus covers a total of 5.8 acres.
This marks the first sale of Tree Garden Business Park since its development. Tenants currently include Economic Electric Motors, Textronic (an electric and electronic auto parts retailer), Doral Conservatory School of the Arts, and real estate agency FB Agents.
According to Sasson-Lerner, “The deal was a value-add play by Longpoint.”
Longpoint is a private equity firm specializing in investments in industrial properties and retail centers through its Lena Centers subsidiary. Its portfolio exceeds $4.7 billion in assets under management according to company information available online.
Led by Dwight Angelini, Nilesh Bubna, Reid Parker, and Robert Provost III, Longpoint is headquartered in Boston with another office located in Miami’s Coconut Grove.
Recently the firm has increased its activity in Doral: In July it purchased six warehouses across several addresses for $82 million covering a combined space of approximately 302,000 square feet. Also last month Longpoint sold an industrial portfolio in Broward County for $69.9 million to MIG Real Estate; these included facilities in Davie, Sunrise, and Fort Lauderdale.
Additionally this summer Longpoint acquired Miramar Parkway Plaza—anchored by Presidente Supermarket—for $34 million.
The broader South Florida industrial market has shown signs of cooling compared to previous years’ rapid growth. According to CBRE data for the first quarter of this year, Miami-Dade County’s vacancy rate rose to 5.7 percent from last year’s figure of 3.6 percent; analysts expect landlords may reduce asking rents as conditions adjust (https://www.cbre.com/insights/reports/miami-industrial-figures-q1-2024).
Other notable transactions include Blackstone and Link Logistics selling more than $1 billion worth of South Florida assets since November—including a recent $105.7 million sale tied to future phases at Ironwood Commerce Center—and Easton Group’s January purchase consolidating ownership at the nearby 25th Logistics Center for $26 million.
