Longpoint pays $43 million for Hialeah mall

Longpoint Realty Managing and Founding Partner Dwight Angelini and El Paraiso Mall at 1700 and 1800 West 68th Street in Hialeah (LinkedIn, Google Maps, Getty)

A Boston-based private equity firm is continuing its shopping spree for retail properties anchored in a grocery store in South Florida.

Longpoint Realty Partners has acquired El Paraiso, a two-building shopping center at 1700 and 1800 West 68th Street in Hialeah, for $43.2 million, or approximately $317 per square foot, in an off-market deal, the company announced on Monday.

Anchored by a Sedano grocery store, the 9-acre site is 98% occupied, according to Longpoint. Other tenants of its 136,000 square feet include University Healthcare, Regions Bank and Pet Supermarket.

In a statement, Longport manager Dwight Angelini touted the deal as an opportunity to enter a highly sought-after filler market. Built in the 1980s, the Hialeah property joins Longpoint’s South Florida shopping center portfolio that includes properties in Pembroke Pines and Naranja, which the company acquired in 2019 and 2020 for $37.5 million and 11, $7 million, respectively.

The sellers are Elpara Inc. and Elcanar Inc., entities managed by Antonio Rodriguez and Jesus Gonzalez of Miami, according to records. Elcanar acquired the 1800 West 68th Street property in 1988 for $1.8 million and completed the 62,000 square foot building a year later. Elpara acquired the neighboring 74,000 square foot building at 1700 West 68th Street in 2000 for an unknown amount.

Investors are circling grocery-anchored malls throughout South Florida, including Hialeah. Seritage Growth Properties took in $6.2 million in a single day last month when it bought Westland Gateway Plaza, a Hialeah mall anchored by Aldi and Bed Bath & Beyond, among others, for $22.1 million. dollars, then immediately transferred it to RK, based in Sunny Isles Beach. Centers for $28.3 million.

Also last month, Toronto-based Slate Grocery REIT paid $425 million for a portfolio of 14 grocery-anchored malls in Georgia, Florida and North Carolina, according to an investment summary. The deal included three malls anchored by Publix grocery stores in Miramar, Dania Beach and Palm Beach Gardens and a retail plaza anchored by a Fresh Market store in Pembroke Pines, records show.

In June, El Paso-based River Oaks Properties paid $25.5 million for a Delray Beach resort anchored by Joseph’s Classic Market, while Plantation, a subsidiary of Charles Ladd’s Barron Real Estate bought a center commercial anchored at Food Fair for $38.4 million.

Edwin S. Wolfe