New JV Acquires 3 Florida Industrial Assets For $20 Million

New York-based Angelo, Gordon & Co., L.P. (“Angelo Gordon”)  and Delray Beach-based Redfearn Capital formed a new programmatic joint venture to acquire value-add industrial properties throughout Florida with a concentration in South Florida.

The JV acquired 217,590 square feet of 3 industrial facilities for a total purchase price of $20,050,000 in May 2021. The acquisition legal work was led by Kapp Morrison LLP and the deals were brokered CBRE Executive Vice President Robert Smith and Senior Vice President Kirk Nelson.

The assets include:

• 400 Enterprise Drive (pictured above), located in Port St. Lucie, Florida.  The 84,400-square-foot facility is 52% leased, with Trane, Inc. occupying 43,500 square feet.
• 8620 LTC Parkway (pictured below), also located in Port St Lucie, totals 67,590 square feet. Town & Country (ABC Supply Co.) and MV Transportation occupy 87% of the building for a combined 58,800 square feet.
• 7555 Garden Road, located in Riviera Beach, Florida, totals 65,600 and is fully occupied by Suncoast Roofers Supply and ABC Supply Co.

“These three industrial assets offered an exceptional value-add opportunity in South Florida’s booming industrial market,” commented Alex Redfearn, Principal and Founder of Redfearn Capital. “Since closing last month, our team has received a lot of interest to lease up our remaining vacant suites at favorable lease rates and terms from national tenants. We are excited to partner with Angelo Gordon as we aggressively scale our portfolio throughout Florida.”