Delray Beach-based Redfearn Capital has partnered with private equity giant TPG to acquire a 53-building industrial portfolio in seven states for $628 million. DRA Advisors was the seller.
The Portfolio comprises approximately 5.4 million square feet of distribution, logistics and manufacturing facilities across Florida, Georgia, North Carolina, Tennessee, Minnesota, Illinois and Oregon. Approximately 75 percent of the assets are concentrated in the Southeast, with properties located in major industrial markets such as Lakeland and Tampa, Fla.; Atlanta, Ga.; and Raleigh and Charlotte, N.C., among others. The Portfolio is currently 87 percent occupied and benefits from a broad tenant base.
The Portfolio consists primarily of shallow bay industrial assets in markets defined by high barriers to entry. The. joint venture plans to create value through active asset management, including targeted capital investment to address deferred maintenance and improve tenant retention.
Eastdil Secured advised on the debt financing for the transaction.Â
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