From June 20, 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, located at 1485 Rail Head Blvd in Naples Florida, was acquired for $16,000,000. The 105,000-square-foot property is situated on 7 acres within Naples Core Industrial Park surrounded by corporate neighbors including ABC Supply, Safelite Glass, and Public Storage, and within close proximity to many retail and residential areas. The building was constructed in 1997 and features clear heights of 28’, ten dock-high and nine grade-level doors. The building currently consists of five tenants who have an average tenure of 18+ years, including FedEx, Sherwin Williams, Florida Water Products, Wilson Lighting of Naples and Goodcat Laboratories.
The second property, an industrial distribution facility in West Palm Beach, is located at 3595 Fiscal Ct in West Palm Beach, Florida, and totals 21,826 square feet. Built in 1986, the property is zoned for industrial warehouse and features 22’ clear heights. 3595 Fiscal Court is located right off Blue Heron Boulevard and I-95, allowing convenient access to US 1 via Investment Lane and Palm Beach Gardens to the west. This well-situated industrial corridor is shared with national tenants including FedEx, Sherwin Williams, and L&W Supply. Redfearn Capital acquired the West Palm Beach facility for $2,860,000 in April.
“We are excited to expand our portfolio in both Naples and West Palm Beach,” commented Alex Redfearn, Principal of Redfearn Capital. “We continue to target industrial assets at an attractive basis throughout Florida and the Southeast. The Naples industrial asset is our first acquisition in the rapidly growing Collier County. Redfearn Capital continues to acquire functional real estate at attractive basis off market.”
The acquisitions come after Redfearn Capital’s acquisition in March 2023 of a 138,200-square-foot property situated on 10.8 acres located at 201 Busch Drive, within Imeson Industrial Park in Jacksonville, Florida, and an industrial outdoor storage (IOS) facility located at 1595 SW 4th Ave in Delray Beach, Florida.
“In addition to our new industrial asset in West Palm Beach, we’re thrilled to add our first Naples asset to our portfolio,” added Joseph Pasquale, Chief Investment Officer. “We now have acquired over 50 industrial properties in our portfolio across over 3.5 million square feet and our team looks forward to acquiring more well-located assets in our portfolio.”