Boston, MA-based Longpoint Partners has acquired El Paraiso Shopping Center, a Sedano’s-anchored shopping center in Hialeah, FL, for $43.3 million. According to Longpoint, the property presented an off-market opportunity for the company to acquire a strategic asset in a sought after-infill market.

The center is 98% occupied, anchored by Sedano’s and includes University Healthcare, Regions Bank, Pet Supermarket and 30 additional shops.

Hialeah ranks among the densest concentrations of Hispanic residents in the nation and is within a three-mile radius of 220,000 residents, of which approximately 93% are Hispanic.

“El Paraiso is a compelling opportunity to acquire a grocery-anchored shopping center that serves a large and growing population in one of the densest Latin American communities in the US,” said Longpoint managing partner Dwight Angelini. “The growth of Asian and Latin American populations across the country presents a wonderful opportunity to invest in neighborhood grocery-anchored shopping centers to create a culturally relevant experience.”