DELRAY BEACH, FL -February 22, 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 $3.7 million ($83 psf) acquisition of Blue Heron Industrial, a 45,000 square foot industrial building located in West Palm Beach, FL. This acquisition represents Redfearn Capital’s second acquisition in 2019 totaling over 300,000 square feet combined.
Located at 3661 Blue Heron Blvd, the 3-acre industrial building is strategically located directly off I-95 between West Palm Beach and Jupiter. The Property is currently 100% leased to Builders FirstSource (BLDR), Inc who has occupied the building since 2011. Builders FirstSource, Inc. manufactures and supplies building materials, manufactured components, and construction services to professional homebuilders, sub-contractors, remodelers, and consumers in the United States. In 2018, the company did over $7 billion of revenue. BLDR uses this facility as a distribution warehouse for its customers located around South Florida. The South Florida market continues to have high demand for industrial buildings with the current vacancy rate sub-3% in Palm Beach County.
Alex Redfearn, Principal of Redfearn Capital remarked, “The acquisition of 3661 Blue Heron happens to be our first in a Qualified Opportunity Zone which provides significant tax benefits over the hold period. We felt at $83 psf, this well-located income producing asset has the potential to be redeveloped long term. BLDR has proven to be a solid tenant at this location having occupied for almost 10 years serving the South Florida market. The property has great ingress and egress, plenty of yard storage space and is well located near I-95. We have a few more acquisition targets we’re excited about in 2019 and look forward to what lies ahead for Redfearn Capital.”
About Redfearn CapitalRedfearn Capital is a private real estate investment firm based in Delray Beach, Florida with over$200 million of assets under management in three states with a focus on retail, office, medicaloffice and industrial assets. The Company’s approach to commercial real estate investing isbranded by a significant emphasis on tenant relationships through a dedicated management teamand experienced investment professionals. Redfearn Capital focuses on strategic real estateacquisitions with a strong and reliable tenant base in unique locations in South Florida andColorado.