DELRAY BEACH, FL -May 5, 2021- – Redfearn Capital LLC (www.redfearncapital.com),a full service private real estate investment firm with assets valued at more than $300 million,announced today the $8 million ($94.79 psf) acquisition of 400 Enterprise Dr, an 84,400 squarefoot industrial building located in Port St Lucie, FL. This acquisition represents Redfearn Capital’sfirst closing in 2021. Redfearn Capital recently signed a joint venture with Angelo Gordon (“AG”),a $43 billion private equity firm based in New York City, to acquire select industrial propertiesthroughout Florida. The acquisition of 400 Enterprise Drive is the first property with AG and thejoint venture currently has another two industrial properties under contract and expected to closein May 2021.
Located at 400 Enterprise Drive, the Property consists of one single story Class B industrialbuilding totaling 84,400 square feet situated on over 5.1 acres. Enterprise Drive is extremely welllocated west of I-95 off St Lucie West Blvd in the densely populated Industrial Park which hashistorically low vacancy and great access to I-95. The Property has sixteen (16) loading docks with10’ x 12’ overhead access doors and 10’ X 12’ grade level loading doors. The property has aprivate secured fenced in storage yard on the west portion of the property and has 24’ clear heights.
Alex Redfearn, Principal and Founder of Redfearn Capital remarked, “The acquisition of 400Enterprise Drive kicks off our new joint venture with Angelo Gordon. We believe having aninstitution like Angelo Gordon as our capital partner, and our operating team as the sponsor, putsus in position to scale the platform aggressively over the next 24 months. Our team has two morevalue add industrial properties under contract that are scheduled to close in May 2021.
While we were under contract on 400 Enterprise Drive, our team was able to renew the only tenantin the building, Trane Inc (NYSE: TT) for an additional five (5) years at fair market value and
modify their lease for future renewals. Trane was set to expire in July 2021 and the building wouldbe 100% vacant. Since we executed on the Trane renewal, we have been approached by multiplecredit tenants to lease the balance of the building (40,500 square feet) which would bring thebuilding occupancy to 100%. Once again, our team has executed on an off market industrial dealin a growing market. I am thrilled with the growth our team has been able to achieve during sucha difficult year for so many, successfully closing a new joint venture with Angelo Gordon andacquiring industrial real estate in South Florida is quite an accomplishment.”