Longpoint Partners Acquires Grocery-Anchored Shopping Center in Hialeah, FL, for $43.25 Million

Advances strategy to acquire high-quality shopping centers anchored by top-performing specialty grocers in key markets across the U.S.

BOSTON--(BUSINESS WIRE)-- Boston-based real estate investment company Longpoint Partners today announced the acquisition of El Paraiso, a Sedano’s-anchored shopping center in Hialeah, FL, for $43.25 million. The property presented an off-market opportunity for Longpoint to acquire a strategic asset in a rare and highly-sought after infill market, reflecting the strength of the firm’s relationships.

El Paraiso Shopping Center is 98 percent occupied, anchored by Sedano’s, includes University Healthcare, Regions Bank and Pet Supermarket, and more than 30 other shops that serve the surrounding community. Hialeah ranks among the densest concentrations of Hispanic residents in the nation, is optimally located adjacent to the Palmetto highway and is within a three-mile radius of 220,000 residents, of which approximately 93 percent are Hispanic.

“El Paraiso is a compelling opportunity to acquire a grocery-anchored shopping center that serves a large and growing population in one of the densest Latin American communities in the U.S.,” said Longpoint Managing Partner Dwight Angelini. “As the son of an Argentinian food broker, I know first-hand the importance that these specialty shopping centers hold for our ethnic communities. The growth of Asian and Latin American populations across the country presents a wonderful opportunity to invest in neighborhood grocery-anchored shopping centers to create a culturally relevant experience. We want our ethnic shopping centers to be an extension of their homes and a key gathering place for our communities.”

In addition to El Paraiso, Longpoint currently owns and operates three additional specialty grocery-anchored shopping centers in Florida, including the Sedano’s-anchored Pembroke Place, a Fresco y Mas-anchored Naranja Lakes near Miami and the Presidente-anchored Chickasaw Trail Shopping Center in Orlando, comprising nearly 450,000 square feet of leasable area. The firm plans to continue to leverage its market expertise and deep industry relationships to expand its grocery-anchored portfolio in key regions including the Southeast, Southwest and West Coast.

About Longpoint Partners

Headquartered in Boston, MA, Longpoint Partners is a vertically integrated private equity firm with deep domain experience in acquiring and operating infill logistics and grocery-anchored real estate in major U.S. markets. Founded in 2015, Longpoint has offices in Atlanta, Dallas, Los Angeles, Miami, New Jersey and Washington DC.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220808005146/en/

Media:
Megan Kivlehan, ICR
[email protected]

Source: Longpoint Partners

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