DRA Recaps Florida Portfolio With $108M Investment

DRA Advisors has joined Redfearn Capital for the $107.5 million recapitalization of a Florida industrial portfolio spanning 900,000 square feet, according to the Commercial Observer. The 10-property collection, located from South Florida to Jacksonville, Fla., had been acquired by a Redfearn and TPG Angelo Gordon joint venture fund starting with 2021.

Three of the properties became part of the fund’s portfolio following a $20 million deal:

• 7555 Garden Road, a 66,212-square-foot warehouse in Riviera Beach, Fla.
• 400 Enterprise Drive, a 84,400-square-foot asset in Port St. Lucie, Fla.
• 8620 LTC Parkway, a 67,590-square-foot property also in Port St. Lucie

Locations of the other seven assets in the portfolio were not available.

Cushman & Wakefield negotiated on behalf of Redfearn Capital. Attorney Stuart Kapp of the Kapp Morrison law firm served as legal counsel.

Growing industrial platforms

As of this month, industrial represented 71 percent of the assets in DRA Advisors’ overall portfolio. Its holdings include an eight-building, 846,261-square-foot infill industrial portfolio in Plano, Texas, that the firm acquired from Link Logistics.

More recently, DRA Advisors formed a partnership with Venture One Real Estate to purchase a 624,654-square-foot industrial building in Joliet, Ill., according to the Chicago Business Journal.

As for Redfearn and TPG Angelo, they are long-term partners on several other joint venture funds and expect to continue acquiring industrial assets throughout the Southeast U.S. Alex Redfearn, president, founder & CEO of Redfearn, told Commercial Property Executive the joint ventures with TPG Angelo Gordon have a particular focus on Florida, where industrial vacancy rates remain low.

In May 2024, the partnership purchased an eight-building, 380,589-square-foot industrial portfolio in Jacksonville from Somerset Properties and CenterSquare Investment Management. The properties ranged from 33,632 to 73,500 square feet.