30.1M construction loan secured for Phase IV of Carrie Meek International Business Park

MIAMI, June 13, 2024 – JLL Capital Markets announced today that it arranged a $30.1 million construction loan for the development of Phase IV of Carrie Meek International Business Park (‘Meek Phase IV’), a two-building, Class A industrial project in Opa-Locka, Florida.

JLL worked on behalf of the borrower, a joint venture between Foundry Commercial and Clarion Partners, to secure the three-year construction loan through a national bank.

The project sits on 21.38-acres of the 122-acre Carrie Meek International Business Park and is subject to a ground lease with the Opa Locka Executive Airport in North Central Miami-Dade County, Florida. The property has easy access to major interstates, including Interstate 95, the Florida Turnpike and Interstate 35, providing connectivity throughout Southern Florida and beyond. Miami is widely considered one of the country’s strongest industrial markets due to intense land constraints and robust tenant demand.

Meek Phase IV will feature 374,000 square feet of Class A industrial product, constructed across 179,000-square-foot and 194,000-square-foot buildings – both 248-foot, deep rear-load with 36-foot clear heights and approximately 3.0% office finish. The building sizes are suited for various single-tenant users as well as highly complementary to multi-tenant strategies.

The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Melissa Rose, Senior Managing Director John Rose and Associate Maddy McMillen.

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Foundry Commercial is a full-service commercial real estate services and investment company operating across the office, industrial, retail, multi-family, healthcare, religious, and not-for- profit asset classes and clients. Focused on the Sun Belt markets, Foundry is sustained by 2,900 associates operating from 12 markets, providing leasing and management on more that 68 million square feet and over 3,000 seniors housing units, typically executing over $2 billion in leasing, tenant rep, and investment sale transactions annually. Foundry’s development and investment platform is fully integrated with its services business and is currently invested in over $4.3 billion in joint ventures with many of the best-known institutional investors in the country. For more information, visit foundrycommercial.com.

Clarion Partners is a registered investment adviser with over 1,500 properties under management as of March 31, 2024. Clarion Partners has been a leading real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $75.6 billion in total real estate and debt assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to 500 institutional investors across the globe. Clarion is scaled in all major property types and was an early entrant into the Industrial sector. The Firm’s global industrial team manages a 1000+ property portfolio in the U.S. and Europe consisting of more than 255 million square feet.