DRA Advisors Joins Redfearn Capital on $108M Florida Industrial Portfolio Recap

Redfearn Capital has added a new equity partner in the recapitalization of an industrial portfolio in Florida, Commercial Observer has learned.

DRA Advisors joined Redfearn, a private equity  firm, to recapitalize 10 logistics assets from South Florida to Jacksonville spanning more than 900,000 square feet. Redfearn acquired the properties in 2020 in partnership with TPG Angelo Gordon.

“Our partnership with DRA Advisors marks an exciting new chapter for Redfearn Capital, reinforcing our commitment to owning and operating well-located industrial assets throughout Florida,” Alex Redfearn, founder, CEO and president of Redfearn Capital, said in a statement. “With this recapitalization, we are well positioned to expand our industrial footprint and continue performing at a high level for our investors.”

Cushman & Wakefield (CWK)‘s Mike Davis and Dominic Montazem arranged the transaction as adviser for Redfearn Capital. Stuart Kapp from law firm Kapp Morrison was legal counsel on the deal. 

DRA Advisors made a $107.5 million investment to recapitalize one of the joint venture funds Redfearn Capital has with TPG Angelo Gordon. Redfearn Capital and TPG Angelo Gordon remain partners in two other joint venture funds and plan to continue acquiring other assets throughout the Southeast U.S., according to the firms. 

“We continue to believe in the long-term value of this differentiated industrial real estate portfolio and are confident that the properties will maintain their growth trajectory with Redfearn Capital and DRA Advisors as partners,” Frank Virga, managing director with TPG Angelo Gordon’s U.S. real estate team, said in a statement. “We look forward to deepening our partnership with the Redfearn team to continue acquiring high-caliber assets.”

DRA Advisors and Cushman & Wakefield did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com