Redfearn Capital and TPG Angelo Gordon have partnered to acquire two industrial warehouses in Miami-Dade County for a combined $36.7 million, according to public records and the real estate database Vizzda.
The purchases were made through entities linked to Delray Beach-based Redfearn Capital, led by Alex Redfearn, and TPG Angelo Gordon, whose leadership includes Josh Baumgarten and Adam Schwartz. The sellers in both transactions were affiliates of DWS Group, also known as RREEF America Property Trust, headed by Stefan Hoops.
In the larger of the two deals, the joint venture paid $27.8 million for a 182,919-square-foot warehouse located at 5255 Northwest 159th Street in Miami Gardens. This price equates to $152 per square foot. The property sits on a 6.9-acre site and was previously acquired by DWS for $12.3 million in 2018—less than half its current sale price. Built in 1974, its main tenant is Mac Papers + Packaging.
The second transaction involved a 50,000-square-foot warehouse at 5959 Northwest 35th Avenue near Hialeah, which sold for $8.9 million or $177 per square foot. DWS had purchased this property for $3.9 million in 2018; it was developed between 1961 and 1964 and is currently leased to C Air Brokers & Forwarders.
This acquisition continues Redfearn Capital and TPG Angelo Gordon’s recent activity in South Florida’s industrial market. In August, they jointly bought an industrial complex with four warehouses in Miramar for $33.4 million.
DWS Group has been active on both sides of recent real estate transactions in South Florida. In February, it sold Las Olas Centre I & II—a two-building office complex in Fort Lauderdale—for $208 million to Bradford Allen Investment Advisors of Chicago (https://therealdeal.com/miami/2024/02/15/dws-sells-las-olas-centre-for-208m-to-bradford-allen/). Additionally, DWS listed The Alhambra office complex in Coral Gables with a target price of $125 million (https://therealdeal.com/miami/2024/07/10/dws-lists-the-alhambra-in-coral-gables-with-125m-target-price/) and acquired a self-storage facility in Tamarac for $19.6 million (https://therealdeal.com/miami/2024/07/25/dws-buys-tamarac-self-storage-facility-for-20m/) earlier this year.
