Longpoint Spins Off Broward Co. Industrial Portfolio for Nearly $70M

Longpoint Ventures unloaded three Broward County warehouse properties to MIG Real Estate Industrial for $69.9 million. Bank of America provided MIG with a $69 million mortgage covering all three Broward industrial properties and four industrial properties in Miami-Dade County.

The South Florida Business Journal reports Longpoint sold the 124,227-square-foot warehouse park at 5000 Oakes Road, Davie, to MIG Real Estate for $29.9 million. The property last traded for $24.1 million in 2021. The five warehouses were built on the 8.3-acre site in 1980.

Longpoint also sold 102,914 square feet of warehouses at 5101 and 5201 N.W. 108th Ave., Sunrise for $27.2 million to MIG. The Sunrise warehouses last sold for $16.5 million in 2021. They were built on the 7.1-acre site in 1996.

Finally, Longpoint sold 47,987 square feet of warehouses at 3571 and 3559 N.W. 53rd Street, Fort Lauderdale, for $12.8 million. The Fort Lauderdale warehouses, which were constructed on the 2.95-acre site in 1984, last traded for $10.5 million.