Redfearn Capital and TPG Angelo Gordon paid $36.9 million for two industrial properties in Miami-Dade County, which together total nearly 233,000 square feet, Commercial Observer can first report.
The largest warehouse spans 182,919 square feet at 5255 Northwest 159th Street in Miami Gardens, just north of Miami-Opa Locka Executive Airport. The property — which is fully leased to Mac Papers & Packaging — includes 27 dock-high doors, two drive-in doors, and clear heights ranging from 21 to 30 feet.
The second property sits about seven miles south at 5959 Northwest 35th Avenue in Hialeah. The 50,000-square-foot facility is also fully leased, with C-Air Brokers & Forwarders as the tenant. The property features 18-foot ceilings and eight dock-high doors.
“This portfolio reflects exactly the type of functional, infill product that is in high demand across South Florida,” Alex Redfearn, CEO of Redfearn Capital, said in a statement.
The seller of both buildings, Deutsche Bank’s DWS Asset Management, paid a combined $16.3 million for the two sites in 2018, according to property records.
The transactions mark DWS’s latest selloff in South Florida. Earlier this year, the asset manager sold two office buildings in Downtown Fort Lauderdale for $423 million in total.
