Private equity real estate firm Redfearn Capital and partner TPG Angelo Gordon have acquired their latest pair of warehouses in the greater Miami area for $36.8 million.

Two entities tied to Delray Beach-based Redfearn, led by Alex Redfearn, and TPG Angelo Gordon, led by Adam Schwartz, acquired the properties in separate deals from two affiliates of DWS Group, records and real estate database Vizzda show. DWS,  also known as RREEF America Property Trust, is led by Stefan Hoops. 

In the larger deal, Redfearn and TPG Angelo Gordon paid $27.8 million for a 182,919-square-foot warehouse at 5255 Northwest 159th Street in Miami Gardens. The joint venture paid $152 a square foot for the facility. 

DWS sold the 6.9-acre site for more than double the previous sale price seven years ago. In 2018, DWS paid $12.3 million for it, records show. Completed in 1974, the facility’s main tenant is Mac Papers + Packaging.

In the second transaction, Redfearn and TPG Angelo Gordon paid $8.9 million for a 50,000-square-foot warehouse at 5959 Northwest 35th Avenue near Hialeah. The buyer paid $177 a square foot for the building. 

The 2-acre property sold for $5 million above the previous sale price. In 2018, DWS paid $3.9 million for it, records show. Completed between 1961 and 1964, the warehouse is leased to C Air Brokers & Forwarders.

The Miami-Dade deals mark the latest South Florida industrial collaboration between Redfearn and TPG Angelo Gordon. In August, the joint venture dropped $33.4 million for an industrial complex of four warehouses in Miramar, Vizzda shows. 

Meanwhile, DWS is in wheel-and-deal mode. In February, the firm sold Las Olas Centre I & II, a two-building office complex in Fort Lauderdale, for $208 million. Chicago-based Bradford Allen Investment Advisors bought the property. 

In July, DWS’ The Alhambra, a two-building office complex in Coral Gables, hit the market with a target price of $125 million. The same month, DWS paid $19.6 million for a self-storage facility in Tamarac, records show. 

The largest warehouse spans 182,919 square feet at 5255 Northwest 159th Street in Miami Gardens, just north of Miami-Opa Locka Executive Airport. The property — which is fully leased to Mac Papers & Packaging — includes 27 dock-high doors, two drive-in doors, and clear heights ranging from 21 to 30 feet.

The second property sits about seven miles south at 5959 Northwest 35th Avenue in Hialeah. The 50,000-square-foot facility is also fully leased, with C-Air Brokers & Forwarders as the tenant. The property features 18-foot ceilings and eight dock-high doors.

“This portfolio reflects exactly the type of functional, infill product that is in high demand across South Florida,” Alex Redfearn, CEO of Redfearn Capital, said in a statement.

The seller of both buildings, Deutsche Bank’s DWS Asset Management, paid a combined $16.3 million for the two sites in 2018, according to property records.

The transactions mark DWS’s latest selloff in South Florida. Earlier this year, the asset manager sold two office buildings in Downtown Fort Lauderdale for $423 million in total.

Brookfield Properties Sells Jacksonville Warehouse Just Over a Month After Acquiring It

Redfearn Capital, a private equity commercial real estate firm based in Delray Beach, Florida, is pleased to announce its recent acquisition of a fully leased warehouse in Jacksonville, Florida. This acquisition was made possible through a strategic partnership with TPG Angelo Gordon, marking another significant milestone in our ongoing collaboration with the New York-based asset manager.

The warehouse, located at 12751 Gran Bay Parkway, spans 363,000 square feet and is fully leased to Saddle Creek Logistics, an omnichannel, integrated supply chain company headquartered in Lakeland, Florida. The property was acquired for $27.175 million, further enhancing Redfearn Capital’s portfolio in one of the Southeast’s most dynamic logistics hubs.

Brookfield Properties, the previous owner, sold the property to Redfearn Capital and TPG Angelo Gordon just over a month after acquiring it as part of a $1.3 billion portfolio deal. This acquisition underscores our commitment to expanding our presence in key logistics markets across the region.

“Jacksonville has long been recognized as one of Florida’s premier logistics hubs,” said Alex Redfearn, CEO of Redfearn Capital. “With the city’s strategic location and robust infrastructure, including JAXPORT and CSX, we see tremendous potential for continued growth in this market.”

This transaction is the latest in a series of acquisitions by Redfearn Capital and TPG Angelo Gordon, following their purchase of an eight-building industrial portfolio in Jacksonville earlier this year. With this latest acquisition, Redfearn Capital’s portfolio now totals over 4.5 million square feet, spanning 67 properties across Florida and the broader Southeastern United States since the company’s inception in 2014.

As highlighted in a recent CoStar report, Jacksonville’s industrial market continues to experience strong demand, with a vacancy rate of just 4.4% and annual rent growth of 6.9%, significantly outpacing the national average. These market dynamics make Jacksonville a key area of focus for Redfearn Capital as we continue to identify and acquire high-quality assets in strategic locations.

Two New York-based firms swapped ownership of the Saddle Creek Logistics warehouse in South Jacksonville.

The warehouse at 12751 W. Gran Bay Parkway sold for $27.18 million Aug. 15 to Redfearn Capital, a private equity commercial real estate firm.

The 22.3-acre property, which includes 363,000-square-foot warehouse, is fully leased to Saddle Creek Logistics, an omnichannel, integrated supply chain company.

Constructed in 1997, the facility boasts 24-foot clear heights and 30 dock doors. The acquisition of this asset from Brookfield Properties adds to Redfearn’s expanding portfolio in the Southeast. Eastdil Secured represented Redfearn in the transaction.

“Expanding our presence in Jacksonville is a key strategic move for Redfearn as we continue to build a robust portfolio in one of the Southeast’s most dynamic logistics hubs,” said Alex Redfearn, Redfearn Capital founder and CEO, in a release. “This acquisition not only enhances our footprint in the region but also aligns with our long-term vision of investing in high-quality assets that drive value for our investors.”

This latest acquisition brings Redfearn Capital’s industrial holdings in the region to over 4.5 million square feet. Since its inception, the firm has closed on 67 properties throughout Florida and the Southeast, with total acquisitions exceeding $700 million.

New York-based Brookfield Properties, through G&I IX 12751 Gran Bay LLC, acquired the property in 2017 for $17.49 million.