Redfearn Lands $48M for Jacksonville Portfolio

Redfearn Capital has obtained a $48 million loan for Jacksonville Southside, a shallow-bay industrial collection totaling 380,589 square feet in Jacksonville, Fla. Prospect Ridge originated the note that replaces previous debt from two years ago while also becoming part of a larger portfolio loan.

In February, Redfearn Capital closed on a refinancing agreement with Prospect Ridge, with an initial $80 million amount secured and up to $70 million in additional capital, according to REBusinessOnline. The 590,895-square-foot portfolio that backs the financing is spread across Orlando, Fla., Clearwater, Fla., Pompano Beach, Fla., Naples, Fla., Hialeah, Fla., Miramar, Fla., and Jacksonville.

Now, the loan financing the Jacksonville Southside portfolio pushes the total debt provided by Prospect Ridge to $158 million, Duval County public records show.

Redfearn Capital purchased the collection for $47.8 million in May 2024. A $26.5 million loan from Americo Financial Life and Annuity Insurance Co. financed that acquisition, according to Yardi Matrix.

Spread across two Jacksonville submarkets

The collection includes six light-industrial campuses totaling eight buildings, spread across Jacksonville’s West Side and Southside submarkets. The properties are:

• 73,500-square-foot facility at 600 Suemac Road
• 56,000-square-foot industrial warehouse at 5875 Highway Ave.
• 58,982-square-foot distribution center at 3010 Powers Ave.
• 33,632-square-foot facility at 5885 Mining Terrace
• three buildings totaling 103,725 square feet at 9855 and 5867 Mining Terrace
• 54,750-square-foot property at 5748 Mining Terrace

Jacksonville Southside comprises a mix of front-load, rear-load and cross-dock facilities. The properties, completed between 1974 and 2020, have 19- to 32-foot clear heights.

The first two properties are close to the Interstate 10 and 295 interchange, providing connections to the city’s major industrial hub along the I-10 corridor. JAXPORT is 19 miles away.

The rest of the facilities are close to the interstates 95 and 295 interchange, currently undergoing a $176.8 million reconstruction and reconfiguration project started in 2016. The city’s international airport is within 38 miles.

Jacksonville’s industrial sector slows as vacancy climbs

Jacksonville’s industrial market is experiencing a period of stabilization, according to a recent Cushman & Wakefield report. Construction activity slowed down at the end of the first quarter of 2026, as the metro’s vacancy rate jumped 310 basis points over the year to 10.6 percent.

Leasing activity decreased slightly, recording a 13.5 percent year-over-year drop. However, average rents remained strong, at $7.97 per square foot, up 3.2 percent year-over-year.