In a notable real estate transaction, Redfearn Capital, a private equity firm from Delray Beach, has secured a significant industrial property on Tampa’s east side, marking a substantial investment in Florida’s burgeoning commercial real estate market.
Redfearn Capital recently made headlines with its acquisition of a 35,000-square-foot industrial site located at 10301 Fisher Ave., just off Interstate 75. The purchase price was reported at $5.8 million, a substantial increase from the $199,700 paid by the previous family trust owner back in 1997. This site, boasting 27-foot ceiling heights and extensive outdoor storage spanning two acres, reflects the growing demand for industrial real estate in the area.
Currently, the site is occupied by Wesco International, a detail that adds value to Redfearn’s latest addition to their portfolio. With a robust presence across three states, Redfearn Capital now extends its holdings in Florida, which include properties in Clearwater, Lakeland, Palmetto, and Naples, amassing a total of 4.77 million square feet of space under management valued at $750 million.
Elsewhere in the region, another real estate highlight surfaces as a Lowe’s Home Improvement store in Pasco County changes hands. This property, situated in Odessa at the corner of Gunn Highway and State Road 54, was sold by Tampa developer Dunphy Development for $14.3 million. The vast 137,554-square-foot site benefits from a long-term ground lease with Lowe’s, an arrangement that bolsters its investment appeal amidst neighboring national retailers like Publix and 7-Eleven.
Meanwhile, in Naples, developers Fred Pezeshkan and Jerry Starkey have secured $113.6 million to finance the construction of a 15-story building near the elite 5th Avenue shopping district. Known as Aura at Metropolitan Naples, the tower is anticipated to offer luxury accommodations complete with retail and restaurant spaces on the ground floor. With prices beginning at $2.5 million, the units promise views of downtown Naples and the bay, accompanied by amenities like a rooftop infinity pool and a sky lounge. Completion is expected by late 2026.
Further, Sarasota sees a construction nod as Moss Construction has been enlisted to build The Ritz-Carlton Residents Sarasota Bay. This development, a follow-up to a previous successful venture by Kolter Urban and Moss, confirms the increasing demand for upscale residences in the region.
The flurry of activity within Florida’s commercial real estate scene, characterized by record sales and ambitious construction projects, underscores a dynamic market poised for further growth. Investors like Redfearn Capital continue to capitalize on opportunities, enhancing their portfolios and contributing to the state’s vibrant economic landscape.
Source: Businessobserverfl
