Longpoint Acquires 1.4 MSF Florida Portfolio

Assets in the portfolio include buildings in Davie (pictured), Deerfield Beach and Lauderhill. Image courtesy of CBRE

Longpoint Partners has purchased a 25-building industrial portfolio totaling roughly 1.4 million square feet. Seagis Property Group sold the properties, located across Miami and Broward counties in South Florida. At the time of the transaction, the portfolio was 97 percent leased.

Included in the deal are properties located at 400 Goolsby in Deerfield Beach, 2100-2190 SW 71st Terrace in Davie, and 3685 15th St. in Lauderhill, among many others.

The deal marks Florida’s largest industrial sale of the year so far, according to CBRE, and also the second-largest commercial real estate sale in the state in 2023.

CBRE National Partners’ Jose Lobón, Frank Fallon, Trey Barry and Chris Riley represented Seagis Property Group. CBRE’s Tom O’Loughlin, Devin White, Royce Rose and Alain Bonvecchio assisted the team.

Brian Linnihan, Mike Ryan, Richard Henry and JP Cordeiro with CBRE Capital Markets’ Debt and Structured Finance in Atlanta represented the borrower and buyer in the deal.

Longpoint recently closed its third institutional fund, which was oversubscribed at some $940 million of commitments. The fund is geared toward small- to medium-sized, underutilized industrial assets across the nation.

An industrial portfolio in South Florida

Completed in 1985, 400 Goolsby is an 86,400-square-foot facility, CommercialEdge data shows. Before selling it to Longpoint as part of the 1.4 million-square-foot portfolio, Seagis Property Group had purchased it in 2008 for $8.1 million. Tenants include Doormark and Brunswick Door.

Seagis Property Group acquired 2100 SW 71st Terrace in 2007. Completed in 1985 and totaling 96,175 square feet, the facility features 24-foot clear heights, a truck court and 168 parking spaces. Tenants at 2100 SW 71st Terrace include US Imaging Solutions, NOVA, Visual Edge IT and Bommarito Performance Systems.

Totaling 53,298 square feet, 3685 15th St. came online in 1987. Tenants include Sunlite, Dennis Shipping, All County Produce and BungoBox, among others.