A Boston-based non-public fairness agency is continuous its buying spree for grocery-anchored retail properties in South Florida.
Longpoint Realty Companions has acquired El Paraiso, a two-building buying heart at 1700 and 1800 West 68th Streets, in an off-market deal.
Based on Longpoint, the 9-acre website is occupied by 98 %, anchored by a Sedano’s grocery retailer. Different tenants in its 136,000 sq. ft embrace College Healthcare, Area Financial institution and Pet Grocery store.
In an announcement, Longport Principal Dwight Angelini framed the deal as a chance to interrupt right into a extremely sought-after infill market. Constructed within the Nineteen Eighties, the Hialeah property joins Longpoint’s South Florida buying heart portfolio, which incorporates properties in Pembroke Pines and Naranja, which the agency acquired in 2019 and 2020 for $37.5 million and $11.7 million, respectively.
Vendor Elpara Inc. and Elcanar Inc. There are models managed by Miami’s Antonio Rodriguez and Jesus Gonzalez, the report reveals. Elcanar acquired the 1800 West 68th Avenue property in 1988 for $1.8 million and accomplished the 62,000-square-foot constructing a 12 months later. Alpara acquired the neighboring 74,000-square-foot constructing at 1700 West 68th Avenue in 2000 for an undisclosed quantity.
Traders are flocking to grocery-anchored retail plazas all through South Florida, together with Hialeah. Final month, Seritage Development Properties banked $6.2 million in a single day when it purchased Westland Gateway Plaza, a Hyalea buying heart anchored by Aldi and Mattress Bathtub & Past, for $22.1 million, then instantly Flipped it to Sunny Isles Seaside-based RK. Heart for $28.3 million.
Additionally final month, Toronto-based Slate Grocery REIT paid $425 million for a portfolio of 14 grocery-anchored buying facilities in Georgia, Florida and North Carolina, based on an funding abstract. Included within the deal had been three buying facilities anchored by public grocery shops in Miramar, Dania Seaside and Palm Seaside Gardens, and a retail plaza anchored by a Contemporary Market retailer in Pembroke Pines, data present.
In June, El Paso-based River Oaks Properties paid $25.5 million for a Delray Seaside complicated anchored by Joseph’s Traditional Market, whereas in Plantation, an affiliate of Charles Ladd’s Baron Actual Property, one for $38.4 million. Purchased a meals fair-anchored buying heart.