Delray Beach-based Redfearn Capital, a private equity commercial real estate company that targets value add, distressed and opportunistic investment opportunities, acquired two Florida industrial assets for $7,150,000.
The first property, a multi-tenant small bay warehouse, is located at 8330 Currency Drive in Riviera Beach, totals 17,680 square feet and is situated on 2.5 acres within Central Industrial Park North. The building was constructed in 2003 and each unit features a glass storefront entry door with a small office and a restroom and a 12’ x 12’ overhead door as well as 18’ clear heights. Douglas Mandel and Zach Levine with Marcus & Millichap represented the seller, CURRENCY DRIVE PROP OWNER LLC, in the transaction.
The second property, an industrial distribution facility in Pompano Beach, is located at 2171 Blount Road within Turnpike Industrial Park. The 1988-built property totals 21,000 square feet and is situated on 3 acres. Redfearn Capital signed the purchase contract as a 21,000-square-foot vacant building and, during their due diligence, they were able to execute a long-term lease with an existing tenant in the Redfearn Capital portfolio. The seller, FUHR PROPERTIES LLC, was represented by Les Byron with SVN Commercial Realty.
“We are excited to expand our portfolio in both Riviera Beach and Pompano Beach, cities where we currently own industrial properties,” 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.”
Redfearn Capital currently owns over 1.5 million square feet of industrial properties between Palm Beach and Broward Counties. To date, Redfearn Capital has closed 55 properties throughout Florida and the Southeast totaling over $600 million of acquisitions.
“Even in difficult buying times, we pride ourselves on doing what we say we are going to do and executing at a high level, that is what separates us from other Buyers in the market,” added Redfearn.
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