Key Takeaways
- • Redfearn Capital and TPG AG acquired a 53-building, 5.4 million-square-foot industrial portfolio across seven states for $628 million, with the deal sourced and led by Delray Beach-based Redfearn Capital alongside capital partners TPG AG, Atlanta Property Group, and Matterhorn Venture Partners.
- • The portfolio trades at approximately $116 per square foot, establishing a new basis benchmark for shallow-bay logistics assets and demonstrating continued market appetite for well-leased, geographically diversified industrial properties in secondary markets.
- • The portfolio is 87 percent leased and spans Florida, Georgia, North Carolina, Tennessee, Minnesota, Illinois, and Oregon, with approximately 75 percent of assets concentrated in the Southeast, including key logistics hubs in Lakeland, Tampa, Atlanta, Raleigh, and Charlotte.
- • This represents a significant milestone for Redfearn Capital's institutional fundraising capacity, moving from single-asset Miami warehouse acquisitions to leading a seven-state platform transaction—evidence of the firm's ability to raise capital at scale since its 2021 partnership with TPG began.
- • DRA Advisors served as the seller, and the deal underscores institutional investor confidence in shallow-bay industrial assets when backed by experienced operating partners with diversified tenant bases.
Summary
Redfearn Capital and TPG AG have completed the acquisition of a substantial 53-building industrial portfolio totaling 5.4 million square feet for $628 million, marking one of the larger shallow-bay logistics transactions of 2026 and demonstrating continued institutional capital flow into secondary-market industrial real estate. The transaction was sourced and led by Redfearn Capital, with TPG AG providing capital partnership alongside Atlanta Property Group and Matterhorn Venture Partners. DRA Advisors acted as the seller.
The portfolio's geographic footprint spans seven states—Florida, Georgia, North Carolina, Tennessee, Minnesota, Illinois, and Oregon—with approximately 75 percent of assets concentrated in the Southeast. Key Southeast markets represented in the portfolio include Lakeland and Tampa, Florida; Atlanta; and Raleigh and Charlotte, North Carolina. The properties carry an 87 percent occupancy rate, indicating strong underlying tenant fundamentals. At $628 million for 5.4 million square feet, the transaction establishes a basis point of approximately $116 per square foot for shallow-bay industrial assets, providing market comparables for other sponsors and developers underwriting similar portfolios.
The deal carries strategic significance beyond its capital value. Redfearn Capital's lead role in a $628 million transaction represents a notable escalation from its earlier deals, which focused on single-asset Miami warehouse acquisitions. The firm's partnership with TPG, which originated in 2021, has evolved into a platform capable of assembling and executing large-scale, multi-state industrial portfolios. For the broader development and sponsorship community, the transaction signals that well-positioned shallow-bay assets—even when scattered across secondary markets—continue to attract institutional capital when sponsored by operators with proven track records and diversified tenant bases. The deal reinforces investor appetite for logistics real estate in non-gateway markets with strong fundamentals and professional management.
The portfolio's geographic footprint spans seven states—Florida, Georgia, North Carolina, Tennessee, Minnesota, Illinois, and Oregon—with approximately 75 percent of assets concentrated in the Southeast. Key Southeast markets represented in the portfolio include Lakeland and Tampa, Florida; Atlanta; and Raleigh and Charlotte, North Carolina. The properties carry an 87 percent occupancy rate, indicating strong underlying tenant fundamentals. At $628 million for 5.4 million square feet, the transaction establishes a basis point of approximately $116 per square foot for shallow-bay industrial assets, providing market comparables for other sponsors and developers underwriting similar portfolios.
The deal carries strategic significance beyond its capital value. Redfearn Capital's lead role in a $628 million transaction represents a notable escalation from its earlier deals, which focused on single-asset Miami warehouse acquisitions. The firm's partnership with TPG, which originated in 2021, has evolved into a platform capable of assembling and executing large-scale, multi-state industrial portfolios. For the broader development and sponsorship community, the transaction signals that well-positioned shallow-bay assets—even when scattered across secondary markets—continue to attract institutional capital when sponsored by operators with proven track records and diversified tenant bases. The deal reinforces investor appetite for logistics real estate in non-gateway markets with strong fundamentals and professional management.
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