Longpoint Realty Partners Buys West Miami Retail Plaza for $49M – Commercial Observer

Longpoint Realty Partners has purchased Trail Plaza, a grocery-anchored retail center in West Miami, for $49.2 million from a MetLife Investment Management entity, brokers for the deal announced. 

The 181,448-square-foot retail plaza spans 17 acres at the intersection of SW 8th Street and SW 67th Avenue, just across from a Walmart Supercenter. 

The property is 99 percent leased and anchored by a Fresco y Más grocery store at 948 SW 67th Avenue, with other tenants including Walgreens, hardware store Harbor Freight Tools and Party Depot. Additionally, the center includes five stand-alone retail spots home to restaurant chains such as Arby’s, Wendy’s and Taco Bell.

While there are no immediate plans for development, the expansive property is in a dense infill area south of Miami International Airport, suggesting some repositioning potential, per the brokers. 

“We believe the property has significant long-term upside in below-market rents and potential outparcel sales plus long-term land bank potential,” CBRE’s Casey Rosen, who represented the seller alongside Dennis Carson, said in a statement. 

The seller was an entity associated with the investment arm of Metropolitan Life Insurance Company, which acquired the property back in the ’90s, through a merger with New England Mutual Life Insurance. The latter bought the property shortly after it was built in 1990, according to property records.

Boston-based Longpoint purchased the property through an affiliated entity in an all-cash transaction, and was not represented by brokers. The company has been busy lately,  purchasing an industrial park in Southern California earlier this month. 

Longpoint and MetLife did not immediately respond to requests for comment.

Chava Gourarie can be reached at [email protected].