TPG AG U.S. Real Estate and Redfearn Capital have acquired a 53-building industrial portfolio for $628 million, the companies announced, adding 5.4 million square feet of shallow-bay logistics and manufacturing space concentrated in fast-growing Southeast markets.
The portfolio, purchased from seller DRA Advisors, is roughly 87% occupied and spans seven states: Florida, Georgia, North Carolina, Tennessee, Minnesota, Illinois and Oregon. About 75% of the assets sit in the Southeast, with concentrations in Lakeland and Tampa, Florida; Atlanta; Raleigh and Charlotte, North Carolina; and Memphis, Tennessee, alongside a Chicago cluster.
Deal structure and financing
BDT & MSD Partners provided a $479 million loan to finance the acquisition, with Eastdil Secured advising on the debt and Greenberg Traurig serving as legal counsel. TPG AG brought in operating partners to manage the geographically dispersed portfolio: Redfearn Capital, which sourced and led the transaction, oversees the Tampa, Lakeland and Memphis assets; Atlanta Property Group manages the Atlanta, Raleigh-Durham and Charlotte properties; and Matterhorn Venture Partners handles the Chicago holdings.
“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,” said Chris Oka, managing director at TPG AG. The firm said it plans to pursue value creation through active asset management, targeted capital investment and efforts to improve tenant retention across the portfolio.
An established partnership scales up
The deal is the largest yet in a partnership between TPG and Redfearn Capital that dates back to 2021. The two firms closed a $150 million refinancing of a 10-asset industrial portfolio in February 2026 and, separately, teamed up to acquire two Miami-Dade County warehouses for $37 million. The $628 million transaction dwarfs those earlier deals and follows a wave of similar-sized industrial portfolio trades this year, including Stonemont and PCCP’s roughly $1 billion purchase of a Blackstone-owned logistics portfolio and Speed Bay Warehouse Solutions’ $84 million entry into the Philadelphia market.
What it means: Shallow-bay industrial — smaller, infill logistics buildings serving last-mile and regional distribution — has drawn sustained institutional capital even as some big-box warehouse markets face oversupply. TPG and Redfearn’s bet is that the Southeast’s population and manufacturing growth will keep occupancy and rents rising across the portfolio’s 87%-leased base; the firms have not disclosed specific rent-growth or repositioning targets, so the near-term financial payoff of the deal remains to be seen.
