From APRIL 18, 2023 – Original CityBiz article can be found here.
Delray Beach-based Redfearn Capital, a private equity commercial real estate company that targets value add, distressed and opportunistic investment opportunities, acquired two Florida industrial assets for $18,860,000.
The first property, 201 Busch Drive in Jacksonville, Florida, was acquired from 201 BUSCH PARTNERS LLC for $14,350,000. The 138,200-square-foot property is situated on 10.8 acres within Imeson Industrial Park, one of Jacksonville’s most sought-after industrial pockets, surrounded by corporate neighbors including Amazon, Samsonite, Kroger, and Bacardi, and within close proximity to Jacksonville International Airport and Jacksonville Port. The warehouse features 32 dock doors, one grade level door and 24’ clear heights. The Class B property was built in 1993. Renovations in 2022 included office renovations, a new roof, new warehouse lighting, a new fire alarm system, new dock doors, new electrical and paint. The transaction closed March 30. The single-tenant facility is occupied by Wing Industries.
Located just one mile away from I-95 and two miles from the I-95/I-295 Interchange, over 61 million consumers can be reached within an eight-hour drive from 201 Busch Drive.
The second property, an Industrial Outdoor Storage (IOS) facility, is located at 1595 SW 4th Ave in Delray Beach, Florida, totals 13,790 square feet with almost 2 acres of outdoor storage. Built in 1985, the property is zoned for industrial outdoor storage. Redfearn Capital paid $4,510,000 to APS REAL ESTATE INC for the asset. The transaction also closed March 30. Assurance Power Systems, a full-scale generator service provider, occupies the property.
“We are excited to expand our portfolio in both Jacksonville and Delray Beach,” commented Alex Redfearn, Principal of Redfearn Capital. “We continue to target industrial assets at an attractive basis throughout Florida and the Southeast. The Delray Beach asset is our first Industrial Outdoor Storage (IOS) property in the RC portfolio, we’re excited to expand into that growing asset class.”
“In addition to our new IOS property in Delray Beach, we’re thrilled to add another strategic Jacksonville Industrial asset to our portfolio,” added Joseph Pasquale, Chief Investment Officer. “We now own over 600,000 square feet in Jacksonville and look forward to acquiring additional industrial assets in this market.”
