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Longpoint Picks Up Doral Warehouse Portfolio for $82M
Longpoint Partners acquired a six-building, 301,988-square-foot last-mile industrial portfolio, America’s Gateway Park, in Doral, Florida, for $82 million.
José Lobón, Trey Barry, Frank Fallon, Royce Rose, George Fallon, Gabriel Braun and Daniel Sarmiento with CBRE National Partners represented the seller, Terreno Realty Corporation, in the transaction. Terreno paid $23.7 million for the assets in 2013. The unleveraged internal rate of return generated by the investment was 14.7%.
The portfolio consists of six individual buildings located at 8901 NW 20th Street, 2011 NW 89th Place, 8940 NW 24th Terrace, 8933 NW 23rd Street, 1400 NW 89th Avenue and 1401 NW 89th Court. At the time of sale, the portfolio was 91% occupied with 21 tenants.
The buildings, which range in size between 32,990 and 64,774 square feet, have recently undergone renovations totaling nearly $4 million across the portfolio. All six assets are in the Airport West Submarket, one of the largest industrial hubs in the region.
- ◦Sale/Acquisition
