REDFEARN CAPITAL NEWS

Bridge Industrial buys Pompano Beach Commerce Park for $46M

Article originally appeared in The Real Deal

Bridge Industrial scooped up the Pompano Beach Commerce Park industrial complex for $46.3 million, amid strong investor appetite for South Florida’s robust logistics real estate market.

The Chicago-based industrial real estate investor and operator scooped up the three-building property on the southwest corner of North Powerline Road and Northwest 16th Street from Delray Beach-based Redfearn Capital, records show. The properties are at 1543, 1541 and 1551-1571 North Powerline Road.

Jose Lobon of CBRE closed the deal on behalf of the seller.

The campus, constructed at intervals between 1984 and 1999, totals 336,852 square feet, property records show. Redfearn, led by Alexander Redfearn, bought the buildings in 2019 for $26.3 million.

Bridge plans capital improvements, including roof replacement, landscaping and parking lot upgrades, according to a news release from Bridge. This is the company’s first purchase part of its newly launched value-add strategy, the release says.

Value-add investments focus on improving existing, often older properties and raising rents.ADVERTISEMENT

South Florida industrial real estate prospered during the 2020 lockdown partly because of the growth of e-commerce, and continued its upswing in 2021. The market is tight partly because demand for industrial space is high but the supply can’t keep up, largely because the region is land-constrained and developable sites for new industrial properties are scarce.

Industrial real estate continued to prosper this year, as vacancies dipped, leasing soared and rents increased in the third quarter, according to a Colliers report. In Broward County, where Pompano Beach Commerce Park is located, the average vacancy dropped to 5.6 percent in the third quarter, down from 6.6 percent during the same period in 2020.

Bridge Industrial, led by Steve Poulos, is one of the biggest industrial developers in South Florida. Its portfolio spans more than 5 million square feet of properties and an additional 2.5 million under construction, according to the release.ADVERTISEMENTSponsored VideoWatch to learn moreSponsored by Advertising PartnerSEE MORE

Bridge bought the majority of the mixed-use AVE, Aviation and Commerce Centre business park west of the Miami-Opa Locka Executive Airport in 2019 for $126 million by buying the land lease.

Bridge scored a $78.3 million construction loan in March to add three more buildings at AVE.

About Redfearn Capital

Redfearn Capital (“RC”) founded in 2014 is a private equity commercial real estate company that targets value add, distressed and opportunistic investment opportunities. RC does property management, construction management and asset management for its portfolio in-house.

The Company partnered with an institutional capital partner for larger deals and works with a few high-net-worth family offices for smaller deals creating a compelling growth story. Quick decision making and proven investment principles allow Redfearn Capital to create value in the ever changing commercial real estate industry. Redfearn Capital has over $750 million of assets under management, over 4.9 million square feet and 250+ active tenants in three states. Redfearn Capital’s HQ is in Delray Beach, FL.

www.redfearncapital.com