Longpoint Realty Partners has added another grocery store-anchored shopping center to its South Florida retail portfolio.
An affiliate of Boston-based Longpoint has purchased Palm Aire Marketplace at 299 South Powerline Road in Pompano Beach for $33.1 million, according to records and real estate database Vizzda. The 143,219-square-foot shopping center is home to a Presidente Supermarket and a dd’s Discount store, according to an online brochure.
Long Point, led by founding partner Dwight Angelini, paid about $231 per square foot for the retail center.
According to a press release, a Colliers team led by Harry Bryden and Bastian Schauer represented the seller, which is an entity controlled by Daniel Halpern in Coral Gables and Mario Guzman and Alberto Guzman in Aventura.
Halpern & Guzman Cos. purchased the 19.8-acre retail site for $28.2 million in 2016, records show. Palm Aire consists of seven single-story buildings and was completed in phases in 1980, 1997, 1998 and 2003.
The property was 90% leased at the time of the sale. Other tenants include Chase Bank, CVS, Dollar Tree, T-Mobile and The UPS Store, according to the release.
Long Point, which owns $3.9 billion in commercial real estate assets across the U.S., is one of South Florida’s most active institutional investors. In January, the company pumped $30 million into a portfolio of six industrial buildings in Medley and Doral, shortly after recording the largest industrial real estate transaction of 2023. In December, it bought 25 warehouses in Miami-Dade and Broward counties for $262 million.
Last year, Long Point acquired Trail Plaza, a fully leased shopping center in West Miami anchored by a Fresco y Mas supermarket. The company purchased the 17-acre site, which includes a 181,600-square-foot retail center and six separate parcels, for $49.3 million.
Long Pointe acquired El Paraiso, a two-building shopping center anchored by a Sedano’s grocery store in Hialeah, for $43 million in 2022. Other tenants include Harbor Freight Tools, Party Depot and Walgreens.
