Longpoint Ventures has divested a significant industrial portfolio in Broward County, Florida, for a total of $69.9 million. The transaction involved three separate sales to MIG Real Estate, highlighting robust activity in the region’s industrial property market. This deal underscores the continued investor interest in South Florida’s logistics and warehouse sector.
Key Takeaways
- Longpoint Ventures sold three Broward County industrial properties for $69.9 million.
- MIG Real Estate was the buyer for all three transactions.
- Bank of America provided a substantial mortgage for the acquisitions.
- The sales represent a significant increase in value since Longpoint’s previous acquisitions.
Detailed Transaction Breakdown
The portfolio sale comprised several key properties across Broward County:
- Davie: A 124,227-square-foot warehouse park located at 5000 Oakes Road was sold for $29.9 million. This property, built in 1980 on an 8.3-acre site, was previously acquired by Longpoint for $24.1 million in 2021.
- Sunrise: Two warehouse buildings totaling 102,914 square feet at 5101 and 5201 N.W. 108th Avenue were sold for $27.2 million. These facilities, constructed in 1996 on a 7.1-acre site, had a prior sale price of $16.5 million in 2021.
- Fort Lauderdale: Two warehouses encompassing 47,987 square feet at 3571 and 3559 N.W. 53rd Street were sold for $12.8 million. Built in 1984 on a 2.95-acre site, these properties were last traded for $10.5 million.
MIG Real Estate acquired the entire Broward portfolio at an average price of $254 per square foot. To finance these acquisitions, MIG Real Estate secured a $69 million mortgage from Bank of America, which also covered four industrial properties in Miami-Dade County.
Market Context and Investor Activity
This sale marks a profitable exit for Longpoint Ventures, which had acquired the Davie complex for $24.1 million in 2021 and the Fort Lauderdale and Sunrise warehouses for a combined $27.1 million in the same year. The total sale price of $69.9 million represents a gain of approximately $19 million compared to the previous sale prices just four years prior.
Longpoint Ventures is recognized as a major institutional owner of industrial properties in South Florida. The company has been active in the market, recently selling a 221,471-square-foot warehouse in Miami-Dade for $43.5 million and previously acquiring a large 26-property industrial portfolio for $331.2 million in late 2024.
MIG Real Estate’s acquisition aligns with a trend of out-of-state firms increasing their presence in the South Florida real estate market. The region continues to attract significant investment due to its strategic location and growing demand for industrial and logistics space.
Sources
- Longpoint Spins Off Broward Co. Industrial Portfolio for Nearly $70M, Connect CRE.
- Longpoint Ventures sells Davie, Fort Lauderdale, Sunrise warehouses to MIG Real Estate, The Business Journals.
- Grantie REIT buys Coral Springs Logistics Center from Barings and Arkadia Property Group, The Business Journals.
- Longpoint Sells Broward Warehouses For $70M, The Real Deal.