NEW YORK CITY AND DELRAY BEACH, FLA.— A partnership led by alternative asset management firm TPG AG and Florida-based Redfearn Capital has acquired a national portfolio of 53 industrial buildings totaling approximately 5.4 million square feet for $628 million.
The seller was not disclosed, but South Florida Business Journal reports that New York-based DRA Advisors sold the portfolio.
Roughly 75 percent of the buildings are located in Southeastern markets with “high barriers to entry” such as Atlanta, Raleigh and Charlotte, as well as Tampa and Lakeland, Fla. The portfolio primarily features shallow-bay buildings that were approximately 87 percent leased at the time of sale.
Other operating partners within the new ownership group include Atlanta Property Group and Matterhorn Venture Partners. Eastdil Secured Savills advised on the placement of acquisition financing for the transaction. Greenberg Traurig LLP provided legal counseling to the partnership.
“We are pleased to acquire and operate a portfolio of high-quality assets with strong occupancy, diversified tenancy and compelling opportunities to create value through active asset management,” says Chris Oka, managing director at TPG AG. “This acquisition reinforces our conviction in the long-term fundamentals of the U.S. shallow-bay industrial sector.”
“TPG AG and its operating partners have built an excellent reputation for identifying and executing compelling investment opportunities across various real estate sectors, and this high-profile acquisition is a testament to that,” adds Michael Baum, Greenberg Traurig’s global real estate practice co-chair.
- Taylor Williams