CBRE Secures $180.2 Million in Acquisition Financing for 26-Building Logistics Portfolio in South Florida

CBRE has arranged a $180.2 million loan for the acquisition of South Florida Logistics Portfolio, a 26-building industrial portfolio totaling 1.4 million square feet across Miami-Dade, Broward and Palm Beach counties.

Brian Linnihan, Mike Ryan, Richard Henry, and JP Cordeiro with CBRE Capital Markets’ Debt & Structured Finance in Atlanta represented the sponsor, Boston-based Longpoint Partners. PGIM provided the 5-year fixed-rate, full-term interest only loan.

The portfolio comprises light industrial properties in infill locations with 76 tenants and a combined occupancy of 97% at the time of sale. Approximately 71% of the properties are in Miami-Dade County, 20% in Broward County, and 9% in Palm Beach County. The buildings were built between 1964 and 2003, feature dock/grade loading, and an average of 12’ to 28’ clear heights, 24% office finish, and 50’ to 200’ truck court depths.

“The portfolio boasts strong occupancy and favorable remaining lease terms in a region with widening supply and demand gap. These attributes enabled the new ownership to secure financing terms that complement its overall investment strategy in Florida,” said Brian Linnihan, a Vice Chairman with CBRE in Atlanta.

The portfolio’s buildings include:

• Sunshine State in Miami Gardens – 10 buildings at 1111 NW 165th Street, 1600 A-B NW 159th Street, 1605-1365 NW 159th Street, 955 NW 159th Drive, 16401-16501 NW 8th Avenue, and 1300-1460 NW 167th Street
• Miami Lakes in Miami Lakes – 7 buildings at 14600-14740 NW 60th Avenue
• Hollywood Park in Hollywood – 6 buildings at 3700 N 29th Avenue Buildings 1 & 2, 3401 N 29th Avenue, 2860-2872 Pershing Street, 3601-3613 N 29th Avenue, and 5555 Anglers Avenue
• Lyons Tech Center II in Coconut Creek – One building at 4801 Johnson Road
• Delray Distribution Center in Delray Beach – One building at 430 S Congress Avenue
• Mangonia Park in West Palm Beach – One building at 1335 W 53rd Street