US real estate investment firm Longpoint has acquired a 25-building industrial portfolio in South Florida for $262m (€239.5m) from Seagis Property Group.
Longpoint said the acquisition of the 1.4m sqft portfolio, comprising 12 locations across the Miami and Fort Lauderdale metropolitan statistical areas, further expands the company’s presence throughout many of the most attractive infill submarkets in Florida.
Dwight Angelini, co-founder and managing partner of Longpoint, said: “We are pleased to have worked with Seagis Property Group on this transaction. The properties are complementary to our portfolio and represent our strategy of acquiring high-quality industrial properties in critical logistics hubs. This portfolio offers significant upside opportunity through capital improvements and operational upgrades.”
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