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ongpoint has been expanding its industrial portfolio in South Florida, with a recent acquisition of three warehouses in Medley for a total of $27.2 million. The purchase was made through an affiliate of Boston-based Longpoint, led by founding partner Dwight Angelini. The complex spans 113,936 square feet and was sold at a price of $237 per square foot. The seller, an entity managed by Stephen Gorey, president of Miami-based Tropic Oil Corp., had purchased the 5-acre industrial site in 2014 for $8 million. The buildings were completed in 1983 and Tropic Oil is headquartered on the property, according to online listings.

    Since the end of last year, Longpoint has been actively building its warehouse portfolio in the tri-county region. In a major deal, the firm paid $262 million for a Seagis portfolio of 25 industrial buildings spanning 1.4 million square feet in Miami-Dade and Broward counties. In January, Longpoint added six more warehouses in Medley to its portfolio, paying $30 million. The firm has a significant presence in commercial real estate across the U.S., with assets worth $3.9 billion.

    In addition to warehouses, Longpoint is also bullish on South Florida shopping centers. Last month, the firm paid $33.1 million for Palm Aire Marketplace, a Pompano Beach retail plaza anchored by Presidente Supermarket and dd’s Discount stores. The fully leased shopping center on 17 acres is anchored by a Fresco y Mas supermarket. In the previous year, Longpoint purchased Trail Plaza in West Miami for $49.3 million.

    The second quarter of 2021 saw Miami-Dade industrial landlords performing exceptionally well. The average asking rent rose by 9 percent to $17.42 a square foot compared to $16.06 a square foot during the same period of last year, according to JLL. Despite a slight increase in Miami-Dade’s industrial vacancy rate to 2.3 percent in the second quarter compared to 1.9 percent during the same period of last year, tenant demand still outpaces supply.