DELRAY BEACH, FL -January, 15 2019- – Redfearn Capital LLC (www.redfearncapital.com), a full service private equity real estate investment firm with assets valued at more than $200 million, announced today the $8.4 million ($41 psf) acquisition of the Centennial Corporate Center, a 205,000 square foot flex office building located in Aiken, SC with a New York based capital partner. This acquisition represents Redfearn Capital’s fifth acquisition
over the past 16 months and the company has now surpassed 1,000,000 square feet of acquisitions
since inception.
Located at 1991 S. Centennial Avenue, the 24.5-acre office park is well located near Augusta, GA and Charleston, SC. The Property is currently 75% leased to three tenants with strong credit profiles and staggered lease rollover, including UPS Supply Chain Solutions (“UPS”) (S&P: A+), AECOM (S&P: BB-), and Scana Energy Marketing (“Scana”) (S&P: BB) which is being acquired by Dominion Energy (“Dominion”) (S&P: BBB). AECOM has been at the Property since 1997, UPS since 2001 and Scana since 1999, demonstrating their long-term commitment to this location with an average occupancy in excess of 18 years.
Alex Redfearn, Principal of Redfearn Capital remarked, “We have been excited about the Centennial Corporate Center acquisition for quite some time. This type of value-add opportunity is difficult to find in today’s market; combining lease up opportunities and strong credit tenants in place. The South Carolina market continues to expand with the growth of neighboring sub-markets Augusta and Charleston. Acquiring this well-located asset at $41 psf allows our team to unlock some of the value that this asset has to offer. We expect to continue growing our assets under management through select acquisitions around the United States in 2019.”
About Redfearn Capital
Redfearn Capital is a private real estate investment firm based in Delray Beach, Florida with over $150 million of assets in two states with a focus on retail, office, medical office and industrial 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.
www.redfearncapital.com
