Longpoint buys 10-building Miami-Dade industrial portfolio for $195 million

Longpoint Partners has acquired a 10-building industrial portfolio in Miami-Dade County from Brookfield Asset Management for $195 million, or roughly $267 a square foot across 729,901 square feet on about 41.8 acres.

The portfolio was 90% occupied at closing by 74 tenants averaging approximately 9,864 square feet apiece, a rent roll of small-suite users. The buildings average 72,990 square feet and carry clear heights of 17 to 25 feet, 231 loading positions — about one per 3,160 square feet — and both front and rear loading configurations, the kind of functional stock the coverage links to Longpoint's stated focus on supply-constrained infill locations.

The vacancy is where the return sits. Ten percent of 729,901 square feet is roughly 73,000 square feet to lease, and with an average suite just under 10,000 square feet, refilling it likely means a run of small signings rather than one anchor commitment — suite-by-suite work of the kind Longpoint's offices in both Miami and Fort Lauderdale are positioned to do. The coverage gives no rents, so whether in-place leases sit above or below what the submarket is clearing remains unresolved.

Brookfield's side of the trade is the quieter one. The coverage does not say what it paid for the assets or why it sold them, and the disposition follows a stretch in which the manager has been buying — this publication reported in August that Brookfield took a 90% stake in a $694 million multifamily portfolio from Swiss landlord Varia, and in September that it bought a minority stake in a data center developer rather than the finished buildings. A 10-asset industrial sale in a market with Miami's demand profile reads more like portfolio management than an exit forced by price, though nothing in the coverage confirms that reasoning.

The coverage's market case is familiar: population growth, proximity to major consumer markets, and critical transportation infrastructure. What $195 million buys at that basis is 90% of a rent roll today and the remaining 10% over however long small-bay leasing takes in established Miami submarkets.

The occupancy line is the number to watch, and behind it the lease rates the coverage never states. At $267 a square foot, the gap between what Longpoint underwrote on those vacant 73,000 square feet and what it actually signs will say more about this trade than the headline price does.