Investor sells Naples industrial property it bought in July

A Delray Beach firm has sold an industrial property in Naples that it just bought in July.

Redfearn Capital sold the property at 1447 Rail Blvd. for $3.26 million after paying $2.5 million for it a few months back. The buyer was not disclosed, and Collier County property records have not been updated.

The flip is a bit of surprise give that before Redfearn picked it up earlier this year, the property had only had one owner in the previous 27 years: K & N Properties in Naples, which paid $192,400 for it in 1998.

The property, off of Old 41 North, sits on one acre and features small-bay units with 12-foot clear heights, 10-foot bay doors and 36 parking spaces, says Marcus & Millichap which represented Redfearn in both transactions. It is fully leased, and recent improvements include a full exterior repaint, roof maintenance and upgraded landscaping.

Marcus & Millichap’s Zach Levine, Cody Hershey and Douglas Mandel represented Redfearn.

Redfearn was founded in 2014 and has $815 million in assets under management totaling 5.1 million square feet. The company says it has more than 250 active tenants in three states.