Redfearn Capital Acquires 321,000-Sq.-Ft. Industrial Building in Florida for $26.3 million
DELRAY BEACH, FL -November 21, 2019- – Redfearn Capital LLC (www.redfearncapital.com) with a joint venture partner out of New York, announced today the $26.3 million ($82 psf) acquisition of Superior Commerce Park, a 321,000 square foot industrial property located in Pompano Beach, FL. This acquisition represents Redfearn Capital’s fifth closing in 2019 totaling over 700,000 square feet of newly acquired real estate.
Located at 1541, 1543 and 1551 Powerline Rd, the 16-acre property is strategically located between I-95 and the Florida Turnpike. The South Florida market continues to have high demand for industrial buildings near I-95 and the Florida Turnpike with the vacancy rates in this market being sub-2% in Broward County for similar properties. The Park is currently leased to six tenants, many of which have occupied the building for over 20 years. The largest tenant at the property is Assura Windows & Doors which is one of South Florida’s largest privately held hurricane impact window manufactures in the state. Given the rise of e-commerce and demographic shifts in this corridor, the Pompano industrial market has become the central industrial location for all of South Florida.
Alex Redfearn, Principal and Founder of Redfearn Capital remarked, “The acquisition of Superior Commerce Park is our fourth industrial asset acquired in 2019. We are pleased to add this high- quality industrial property to our portfolio, as we increase exposure to industrial assets in high-barrier-to-entry markets. Our basis is well below market value since we sourced this opportunity off market and worked directly with the seller from start to finish. The team that we have running this deal is deep and we are confident that we will execute our long-term business plan.”