Investors pay almost $48 million for Jacksonville industrial portfolio

From the Original article posted in the Jacksonville Daily Record

Florida-based Redfearn Capital and New York City-based TPG Angelo Gordon paid $47.8 million May 7 for an eight-building industrial portfolio totaling 380,589 square feet of space in West and South Jacksonville, according to deeds and a news release from CBRE.

They bought the properties from Pennsylvania-based Somerset Properties and CenterSquare Investment Management.

CBRE announced May 8 that it arranged the sale.

Six deeds were recorded May 8 for the properties with the Duval County Clerk of Courts.

The structures in West Jacksonville are:

The structures in South Jacksonville are:

Property records show they were built from 1974 to 2008. CBRE said the buildings were 91% occupied by 18 tenants at the time of the sale.

The real estate company said CBRE National Partners’ Jose Lobón, Frank Fallon, Trey Barry and Royce Rose represented the seller in the transaction. The team was assisted by CBRE’s Gabriel Braun and Daniel Sarmiento, financial analysts with CBRE National Partners, as well as Gary Marcy, senior vice president, and Jack Buckley, vice president, with CBRE in Jacksonville.

The properties last sold in December 2020 for almost $28.2 million.

About Redfearn Capital

Redfearn Capital is a private real estate investment firm based in Delray Beach, Florida with over $600 million of assets under management and over 3 million square feet in three states with a focus on industrial, office, and medical office assets.

The Company’s approach to commercial real estate investing is branded by a significant emphasis on tenant relationships through a dedicated management team and experienced investment professionals. Redfearn Capital focuses on strategic real estate acquisitions with a strong and reliable tenant base in unique locations in South Florida and Colorado.