Longpoint pays $38.8M for Medley warehouse portfolio in Miami
Infill industrial in Miami-Dade still commands a premium, and buyers are willing to wait years to get it.
Boston-based Longpoint Partners has paid $38.8 million for four fully leased warehouses in Medley, closing an off-market deal it pursued for four years and paying $264 a square foot for infill Miami-Dade industrial.
Why it matters
Small-bay industrial in Miami’s inland core is among the most supply-constrained product in the market, and a $264-per-foot price on fully leased older buildings shows how tightly held it is. The four-year chase underscores the dynamic: owners of well-located, income-producing warehouses have little reason to sell, so buyers must wait out family holders rather than bid in a marketed process. For developers and investors, Medley remains a case study in why last-mile industrial keeps pricing up even as other sectors wobble, demand from logistics and light-manufacturing tenants is steady and new infill supply is nearly impossible to build.
The numbers
The portfolio totals 146,700 square feet across four warehouses, at 7200 to 7208 Northwest 84th Avenue on 4.2 acres, completed in 1997, and 8203 to 8251 Northwest 70th Street on 2.5 acres, completed in 1987. The buildings are fully leased to tenants including Sand Point Logistics and ZIX Corporation. Longpoint bought from Ruben and Martha Artiles through a family trust in a deal that closed this month after a multiyear pursuit.
What’s next
Watch whether more Medley family owners are tempted to sell into this pricing, because a wave of off-market trades would test how deep institutional demand runs for aging but well-leased infill. More at the Miami hub.