Corebridge Buys Miami Warehouse From Longpoint for $44M
CBRE brokered the transaction.
Corebridge Real Estate Investors has acquired a 211,471-square-foot industrial asset in Miami for $43.5 million. Longpoint Partners sold the building, while CBRE brokered the transaction on its behalf.
Longpoint acquired the asset in 2019 from Prologis, for $25 million, according to CommercialEdge data. However, the warehouse traded again in 2022 for $28.9 million between two entities affiliated with Longpoint.
Located on more than 11 acres at 1400 NW 159th St., the 1969-built facility is inside Longpoint’s 5 million-square-foot Sunshine State Industrial Park. Last year, the company acquired 10 buildings inside the campus from Blackstone as part of a $331.3 million portfolio deal.
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The cross-dock warehouse features 24-foot clear heights, 49 loading docks and a building depth of 335 feet, as well as truck court depths between 95 and 150 feet. Tenants can also access 151 car parking spaces. At the time of the sale, the facility was fully occupied.
Both Miami and Fort Lauderdale’s international airports are within 15 miles of the property. The Golden Glades Interchange—which is slated to undergo upgrades, including the construction of 32 new bridges to bolster regional mobility—is less than 3 miles away.
CBRE Vice Chairmen José Antonio Lobón, Trey Barry and Frank Fallon, together with Vice Presidents Royce Rose and George Fallon, as well as Financial Analyst Gabriel Braun and Sales Analyst Daniel Sarmiento, represented Longpoint Partners in the sale proceedings.
Longpoint’s industrial focus on South Florida
Longpoint acquires underperforming logistics properties and implements repositioning, adaptive reuse and development strategies. The company targets investments by analyzing key factors such as the global supply chain challenges, demographic shifts and consumer shopping patterns.
Its disposition follows a streak of recent industrial investments in South Florida. Besides the Blackstone deal of last year, Longpoint also acquired a 1.4 million-square-foot collection in 2023 from Seagis Property Group for $262 million. Both transactions took the crown for South Florida’s largest industrial deals of their respective years, according to The Real Deal.
Industrial sales skyrocket in Greater Miami
Miami’s industrial investment volume grew 63 percent year-over-year to $1.7 billion in 2024, according to a report by Avison Young. Blackstone’s Link Logistics sold another collection last year. TA Realty acquired the 505,436-square-foot portfolio in Opa-Locka, Fla.
The market’s vacancy rate stood at 5.5 percent in December, up 270 basis points year-over-year, the same report shows. Some of the primary factors behind this surge included some 6 million square feet of industrial deliveries throughout 2024, as well as the softening tenant demand toward the year’s tail end.
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