From January 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 a 58,000-square-feet industrial park located at 440 Tall Pines Road in West Palm Beach, Florida.
Built in 2003, the park is comprised of 24 small industrial units situated on 5.10 acres featuring 18-foot clear heights and 24-12×12 grade level loading doors.
Redfearn Capital paid $10 million for the asset. The transaction closed Tuesday, January 17.
“We have been tracking this property for several years and we’re excited to finally add this asset to our existing portfolio,” commented Alex Redfearn, Principal of Redfearn Capital.
“Despite challenging market conditions, the area’s overall growth has kept small bay industrial in high demand,” added Redfearn Capital CIO Joseph Pasquale, Chief Investment Officer. “Guided by market knowledge, analytics, and discipline, 440 Tall Pines met our criteria for expanding our Southeast industrial portfolio.”
Tall Pines Industrial Park is located near the intersection of Southern Blvd. and Jog Road, just East of Florida’s Turnpike with easy access to I-95.