TPG, Redfearn Capital and Partners Pay $628M for 53-Building Industrial Portfolio Across Seven States
A joint venture comprising TPG, Redfearn Capital, Atlanta Property Group and Matterhorn Venture Partners has acquired a 53-building industrial portfolio totaling 5.4 million square feet across seven states for $628 million, marking the largest transaction to date between TPG and Redfearn Capital.
DRA Advisors sold the portfolio, according to a source familiar with the deal. TPG completed the acquisition through its TPG AG US Real Estate platform. Eastdil Secured arranged debt financing for the transaction, and Greenberg Traurig served as legal counsel.
Portfolio Composition and Geographic Footprint
The 53 buildings are distributed across Florida, Georgia, North Carolina, Tennessee, Minnesota, Illinois and Oregon. The portfolio was 87 percent leased at the time of sale, providing in-place cash flow alongside leasing upside. Approximately 75 percent of the square footage is concentrated in Southeast markets, including Tampa, Lakeland, Atlanta, Raleigh-Durham, Charlotte and Memphis.
Each partner in the joint venture will take on management responsibilities aligned with its regional expertise. Redfearn Capital will focus on assets in Tampa, Lakeland and Memphis. Atlanta Property Group will oversee the portfolio's footprint in Atlanta, Charlotte and Raleigh-Durham. Matterhorn Venture Partners will manage the Chicago-area buildings. TPG AG plans a series of targeted capital improvements across the portfolio following the close of the transaction.
Deepening Partnership Between TPG and Redfearn Capital
TPG and Redfearn Capital first joined forces on industrial acquisitions in 2021, and the $628 million transaction represents the largest investment the two firms have undertaken together. Redfearn Capital's assets under management now total more than $1.2 billion, with a portfolio of roughly 8 million square feet. TPG AG, meanwhile, manages $19.2 billion in properties.
Redfearn Capital, founded in 2014 and headquartered in Delray Beach, Fla., focuses on value-add, distressed and opportunistic commercial real estate investments. The firm handles property management, construction management and asset management in-house, and works with institutional capital partners for larger transactions and high-net-worth family offices for smaller deals.
Southeast Industrial Demand Remains a Draw for Institutional Capital
The transaction reflects continued institutional appetite for scaled industrial assets in the Southeast, a region that has attracted a series of large portfolio deals in recent months. In June, EQT Real Estate purchased a 2.4 million-square-foot portfolio comprising three properties in Georgia and Florida, with assets located near major ports and transportation corridors in Savannah, Jacksonville and Lakeland. That same month, an entity linked to SMBC Group paid $300 million for a 1.6 million-square-foot collection spanning Florida, South Carolina, Virginia and North Carolina. In April, a 13-building, 2.5 million-square-foot industrial portfolio in the Memphis metropolitan area changed hands for $115 million from Link Logistics.
Industrial properties have remained among the more resilient commercial real estate sectors, supported by e-commerce activity and logistics demand, particularly in high-growth Southeast corridors. The value-add strategy employed in the TPG-led acquisition — acquiring a largely leased portfolio and deploying targeted capital improvements — reflects a broader approach institutional buyers have favored when seeking both current income and rent-growth potential.
Transaction Details at a Glance
The portfolio acquisition was structured through TPG AG U.S. Real Estate, with Eastdil Secured arranging the debt financing package. Greenberg Traurig provided legal counsel to the buyer group. The seller, DRA Advisors, is a New York-based real estate investment fund manager. Loan terms, cap rate and price per square foot were not disclosed in connection with the transaction.
With the close of this deal, Redfearn Capital's total assets under management stand at more than $1.2 billion across over 8 million square feet and more than 250 active tenants in three states.