Redfearn Capital Acquires Lake Worth Industrial Asset

Delray Beach-based Redfearn Capital, a private equity commercial real estate company that targets value add, distressed and opportunistic investment opportunities, acquired Marlin Industrial Park, a multi-tenant warehouse located at 3551 23^rd Avenue in Lake Worth. The park totals 13,800 square feet and is situated on 1.5 acres. The building was constructed in 1987 and features 14’ clear heights and 18 grade level doors. The property was purchased for $2.1 million, equating to $152 per square foot.

Redfearn also made a second Florida acquisition – a 183,000-square-foot, multi-tenant industrial property in Jacksonville located at 7660 Gainesville Avenue.

“We are excited to expand our portfolio in both Lake Worth and Jacksonville,” commented Alex Redfearn, Principal of Redfearn Capital. “We continue to pursue opportunistic industrial opportunities across the Southeast where we can create value soon after closing given the higher interest rate environment.  Both of these assets meet our criteria of infill industrial at attractive basis below replacement costs.”

Redfearn Capital currently owns over 4.5 million square feet of industrial properties in the Southeast. To date, Redfearn Capital has closed 56 properties throughout Florida and the Southeast totaling over $650 million of acquisitions.