Redfearn Capital, based in Delray Beach, has teamed with private equity firm TPG to acquire a large-scale industrial portfolio totaling 53 buildings across seven states for $628 million. The seller in the transaction was DRA Advisors.
The portfolio spans approximately 5.4 million square feet of industrial space used for distribution, logistics and manufacturing. Assets are located across Florida, Georgia, North Carolina, Tennessee, Minnesota, Illinois and Oregon, giving the buyers a geographically diverse footprint in both Sunbelt and Midwest markets.
Roughly 75 percent of the properties are concentrated in the Southeast, where the portfolio includes facilities in established industrial hubs such as Lakeland and Tampa in Florida, Atlanta in Georgia, and Raleigh and Charlotte in North Carolina, among other markets. The buildings are currently 87 percent occupied and leased to a broad mix of tenants, providing an existing income stream at closing.
The industrial properties are described as primarily shallow bay assets located in markets characterized by high barriers to entry. This profile positions the joint venture to pursue operational and physical upgrades within infill locations where replacement supply is more difficult to deliver.
Redfearn Capital and TPG plan to execute a value-creation strategy through active asset management across the portfolio. Their business plan includes targeted capital investment to address deferred maintenance needs and to enhance the quality and functionality of the buildings. The venture also intends to focus on initiatives aimed at improving tenant retention, using capital improvements and hands-on management to support occupancy and income performance over time.
On the capital stack, Eastdil Secured advised on the debt financing associated with the acquisition. While specific loan terms were not disclosed, Eastdil Secured’s role underscores the use of institutional advisory support to structure the financing for a multi-market industrial aggregation of this scale.
The transaction highlights continued institutional interest in industrial real estate, particularly shallow bay product in supply-constrained markets, and reflects ongoing investor appetite for diversified, multi-market industrial portfolios backed by broad tenant rosters and established occupancy.
