From the Original Article posted on CityBiz
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 $14,100,000.
The first property, Marlin Industrial Park, a multi-tenant warehouse, is located at 3551 23rd Avenue in Lake Worth, Florida. The park totals 13,800 square feet and is situated on 1.5 acres. The building was constructed in 1987 and features 14’ clear heights and 18 grade level doors. The property was purchased for $2.1 million, equating to $152 per square foot.
The second property, a 183,000-square-foot, multi-tenant industrial property in Jacksonville, was purchased for $12 million, or $65 per square foot. The property is located at 7660 Gainesville Avenue and is situated on 14.57 acres. SleepGeekz, a top-ten seller of adjustable beds and the top-50 seller for all mattresses on the Amazon platform in 2023, currently occupies 148,000 square feet within the property. The remaining 35,000 square feet is vacant. The 1962-built property features 24’ clear ceiling heights, 12 dock doors and two grade-level doors and an expansion was completed in 2008.
“We are excited to expand our portfolio in both Lake Worth and Jacksonville,” commented Alex Redfearn, Principal of Redfearn Capital. “We continue to pursue opportunistic industrial opportunities across the Southeast where we can create value soon after closing given the higher interest rate environment. Both of these assets meet our criteria of infill industrial at attractive basis below replacement costs.”
Redfearn Capital currently owns over 4.5 million square feet of industrial properties in the Southeast. To date, Redfearn Capital has closed 56 properties throughout Florida and the Southeast totaling over $650 million of acquisitions.
