TPG AG U.S. Real Estate and Redfearn Capital have acquired a 5.4 million-square-foot industrial portfolio for $628 million. The seller was DRA Advisors, while BDT & MSD Partners provided a $479 million loan in the deal, sources said.
The portfolio is comprised of 53 buildings.
The portfolio, which is roughly 87 percent occupied, includes both logistics and manufacturing properties spread across Florida, Georgia, North Carolina, Tennessee, Minnesota, Illinois, and Oregon. Shallow-bay industrial assets in high barrier-to-entry markets make up the majority of the portfolio, and TPG AG now plans to add value through capital investment in the properties.
Most portfolio assets are in major industrial markets in the Southeast such as Tampa, Atlanta, and Charlotte, N.C..
In addition to Redfearn, TPG AG purchased the portfolio with two additional operating partners: Atlanta Property Group and Matterhorn Venture Partners. Each will co‑manage the portfolio in their respective markets, leveraging their local expertise to optimize property performance and identify opportunities for growth.
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Chris Oka, a managing director at TPG AG, said, “This acquisition represents another significant milestone in our investment strategy and reinforces our conviction in the long‑term fundamentals of the U.S. shallow‑bay industrial sector.”
Alex Redfearn, founder, president, and CEO of Redfearn Capital, said in a statement, “We’ve been intentionally building an industrial platform centered on well‑located infill assets in markets with long‑term demand.”
TPG and Delray Beach, Fla.-based Redfearn are no strangers to one another, with a partnership that dates back to 2021. This recent acquisition brings Redfearn’s industrial assets under management to more than $1.2 billion across 8 million square feet, marking a significant expansion of their industrial portfolio and reinforcing their position as a major player in the Southeast industrial market.
In February, TPG and Redfearn closed a $150 million refinance for a 10‑asset industrial portfolio, and in October they partnered to acquire two warehouses in Miami‑Dade County for $37 million. Further back, the partnership snapped up an eight‑building industrial portfolio in Jacksonville, Fla., for $47.8 million in May 2024, showcasing their ability to execute a range of transactions and invest in diverse industrial assets.
Eastdil and BDT & MSD couldn’t immediately be reached for comment.
