Redfearn & TPG Angelo Gordon Purchase Industrial Portfolio In Jacksonville For $47.8M

The industrial properties involved in the transaction are located at 600 Suemac Road, 5875 Highway Avenue, 3010 Powers Avenue, and 5885, 9855 & 5748 Mining Terrace in Jacksonville. The total portfolio consists of eight light industrial buildings spanning 380,589 square feet. The transaction was completed at a price of $47,800,000, reflecting a price per square foot of $126.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $47,800,000
• Buyer: Alex Redfearn - Redfearn Capital; Josh Baumgarten - TPG Angelo Gordon
• Seller: Anthony N. Brady - Somerset Properties; Todd Briddell - CenterSquare Investment Management
• Brokers: Daniel Sarmiento, Frank Fallon, Gary Marcy, Jack Buckley, Jose Lobon, Royce Rose, Trey Barry & Gabriel Braun - CBRE

The acquisition was spearheaded by Redfearn Capital, a Delray Beach-based private equity commercial real estate firm, in collaboration with TPG Angelo Gordon. This investment marks an expansion of Redfearn Capital’s industrial presence in Jacksonville, complementing their existing portfolio of over 1 million square feet of industrial assets in the Southeast region. The portfolio includes eight buildings spread across the Westside and Southside submarkets, boasting a 91% occupancy rate by 18 tenants at the time of sale.