Longpoint Realty Partners has acquired the Tree Garden Business Park in Doral for $31.5 million, according to information obtained by The Real Deal.
The purchase involved two properties located at 4005 and 4055 Northwest 79th Avenue. The deal was completed off-market, broker Jose Sasson-Lerner said. Sasson-Lerner and Roberto Susi of Axiom Capital Advisors represented Longpoint in the transaction, while Ralph Merritt of Commercial Property Group represented the seller.
Property records identify Rainforest Development Corp. and Tree Park Development, both managed by Humberto Verre Filho, as the sellers. The site at 4055 Northwest 79th Avenue consists of two warehouses totaling 84,800 square feet that were built in 1996. The adjacent property at 4005 Northwest 79th Avenue is a single warehouse with an area of 23,900 square feet, completed in 1998. Altogether, the complex sits on a 5.8-acre parcel.
This marks the first time Tree Garden Business Park has changed ownership. Current tenants include Economic Electric Motors; Textronic, which sells electric and electronic auto parts; Doral Conservatory School of the Arts; and FB Agents real estate agency.
Sasson-Lerner described the acquisition as a value-add investment for Longpoint.
Longpoint is a private equity firm specializing in industrial assets and retail centers through its Lena Centers subsidiary. Its portfolio exceeds $4.7 billion in assets under management.
Based in Boston with an additional headquarters in Miami’s Coconut Grove, Longpoint is led by Dwight Angelini, Nilesh Bubna, Reid Parker and Robert Provost III.
The company has increased its presence in Doral recently. In July, it purchased six warehouses totaling approximately 302,000 square feet across several addresses for $82 million. That same month, Longpoint sold a group of Broward County industrial properties to MIG Real Estate for $69.9 million and bought Miramar Parkway Plaza—a retail center anchored by Presidente Supermarket—for $34 million.
South Florida’s industrial sector has shown signs of cooling since its surge during the pandemic period. Data from CBRE indicates that Miami-Dade County’s industrial vacancy rate rose to 5.7 percent during the first quarter this year from 3.6 percent one year earlier (https://www.cbre.com/insights/reports/us-industrial-and-logistics-figures-q1-2024). CBRE also forecasts lower asking rents throughout this year (https://www.cbre.com/insights/reports/us-industrial-and-logistics-figures-q1-2024).
Other notable activity includes Blackstone and Link Logistics divesting more than $1 billion worth of South Florida holdings since November through six transactions—including a June sale of a large Opa-locka development site expected to become part of Ironwood Commerce Center’s next phase—and Easton Group acquiring full interest in Doral’s 25th Logistics Center for $26 million earlier this year.
