Longpoint Partners acquired a 26-asset industrial portfolio that spans six markets in South Florida for $180 million. CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented Longpoint. PGIM provided the 5-year fixed-rate, full-term interest-only loan.
The properties were built between 1964 and 2003, with an average vintage of 1978.
The portfolio comprises light industrial properties in infill locations with 76 tenants and a combined occupancy of 97% at the time of sale. Approximately 71% of the properties are in Miami-Dade County, 20% in Broward County, and 9% in Palm Beach County. The buildings were built between 1964 and 2003, feature dock/grade loading, and an average of 12’ to 28’ clear heights, 24% office finish, and 50’ to 200’ truck court depths.
Earlier this year, PGIM Real Estate provided a $64 million fixed-rate loan to Longpoint Partners for the acquisition of a New Jersey industrial park. PGIM Real Estate continues to actively invest in the U.S. industrial market.
The post Longpoint Obtains 26-Asset Florida Warehouse Portfolio appeared first on Connect CRE.