Redfearn Capital JV Makes $48M Jacksonville Purchase

A joint venture of Redfearn Capital and TPG Angelo Gordon has purchased a 380,589-square-foot industrial portfolio in Jacksonville, Fla. Somerset Properties and CenterSquare Investment Management sold the eight buildings for $47.8 million, according to Duval County public records. CBRE negotiated on behalf of the seller.

The properties are:

• 73,500-square-foot facility at 600 Suemac Road
• 56,000-square-foot industrial warehouse at 5875 Highway Ave.
• 58,982-square-foot distribution center at 3010 Powers Ave.
• 33,632-square-foot facility at 5885 Mining Terrace
• three buildings totaling 103,725 square feet at 9855 and 5867 Mining Terrace
• 54,750-square-foot property at 5748 Mining Terrace

The facilities came online between 1987 and 2020. They feature 20- to 22-foot clear heights and previously changed hands in 2020, when Kennedy Investments sold them in a $28.2 million portfolio deal, according to CommercialEdge.

Tenants include Transtar Industries, Wesco, Atlantech Distribution Inc., Sunbelt Rentals and Alside Supply Center, among others, the same source shows. The portfolio was 91 percent occupied by 18 tenants at the time of the sale.

The industrial assets provide easy access to interstates 295, 95 and 10, while being within 51 miles of Jacksonville International Airport.

CBRE’s Vice Chairmen Jose Lobón, Frank Fallon and Trey Barry, together with Vice President Royce Rose, negotiated on behalf of Somerset Properties and CenterSquare Investment Management. The firm’s Financial Analysts Gabriel Braun and Daniel Sarmiento, Senior Vice President Gary Marcy and Vice President Jack Buckley also provided assistance.

Recent Jacksonville deals

CBRE arranged another industrial sale in Jacksonville in December last year. Clarion Partners purchased a Class A facility from CT Realty, in a joint venture with Diamond Realty Investments. The recently completed industrial asset was fully occupied by a wholesale supplier.

Another big purchase in the area closed in August last year, when Hillwood acquired a 1.4 million-square-foot portfolio, also arranged by CBRE. Invesco Real Estate sold the fully occupied properties.