Redfearn Capital LLC (www.redfearncapital.com), a full service private real estate investment firm with assets valued at more than $250 million, announced today the $5.5 million ($89.97 psf) acquisition of 460 Enterprise Road, a 61,150 square foot industrial building located in Port St Lucie, FL. This acquisition represents Redfearn Capital’s seventh closing in 2020 totaling over 250,000 square feet of newly acquired real estate.
Located at 460 Enterprise Drive, the Property consists of one single story Class B industrial building totaling 61,150 square feet situated on over 5 acres. Enterprise Drive is extremely well located west of I-95 off St Lucie West Blvd in the densely populated Industrial Park which has historically low vacancy and great access to I-95. The Property has eight (8) loading docks with 10’ x 12’ overhead access doors and three (3) 10’ X 12’ grade level loading doors. The property has a private secured fenced in storage yard and has 24’ clear heights.
Alex Redfearn, Principal and Founder of Redfearn Capital remarked, “The acquisition of 460 Enterprise Drive is our third industrial acquisition and seventh overall acquisition in South Florida this year. I am very proud of the Redfearn Capital team for executing a new 10-year lease during the due diligence process with a national credit tenant which took the property to 100% leased by the closing date. Taking a building from 50% occupied to 100% occupied during due diligence is a great way to create immediate value and maximize our return over the hold period. This property will be occupied by ABC Building Supply and Refricenter International. ABC Building Supply is ranked number 145 on Forbes magazine’s list of America’s Largest Private Companies. I am thrilled with the growth our team has been able to achieve during such a difficult year for so many, successfully closing seven acquisitions is an incredible accomplishment.”
