Delray Beach investor pays $16 million for Naples industrial building

A Delray Beach commercial real estate investment firm has bought an industrial building in Naples, one of two Florida properties it paid $18.9 million for.

The buyer is Redfearn Capital and the two properties are part of the company’s expansion in Florida and the Southeast, which includes purchases in Jacksonville, Delray Beach and Clearwater in the past year.

The Collier County property is Redfearn’s first in Naples.

The 105,000-square-foot building is at 1485 Rail Head Blvd. in the Naples Core Industrial Park. Redfearn paid $16 million for it.

The building has 28-foot clear heights as well as 10 dock-high and nine grade-level doors. It was built in 1997. It has five current tenants — FedEx, Sherwin Williams, Florida Water Products, Wilson Lighting of Naples and Goodcat Laboratories — with an average tenure of 18 years, Readfearn says.

The second property is a 28,826-square-foot industrial facility at 3595 Fiscal Court in West Palm Beach, which cost Redfearn $2.86 million.

Redfern has over $550 million in assets and over 3.5 million square feet under management in the Southeast U.S. It’s focus is on industrial assets and it targets “value add, distressed and opportunistic investment opportunities,” according to a statement announcing the purchases.

In October, it bought two industrial buildings in Clearwater totaling 103,750 square feet for $12.85 million.