MORRISTOWN, N.J., Dec. 22, 2025 – JLL Capital Markets announced today it has arranged $176 million in permanent financing for Seagis Property Group LP to refinance a six-property industrial portfolio encompassing 1.22 million square feet across Northern New Jersey and South Florida. The portfolio is 96% occupied with the four largest tenants comprising 81% of the portfolio.
JLL exclusively represented the borrower, Seagis Property Group LP, to secure an eight-year, fixed-rate loan through Nationwide. The JLL Debt Advisory team was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian, Vice President Michael Lachs and Analyst Kevin Badger.
Four properties are situated in Northern New Jersey's most sought after infill locations including Carlstadt, Lyndhurst, Carteret, and North Brunswick. The assets feature 16- to 25-foot clear ceiling heights and ample loading docks. The properties benefit from exceptional access to the region’s major transportation infrastructure, including the Port Newark/Elizabeth, Newark Liberty International Airport, the New Jersey Turnpike and other key highway networks.
The two Florida assets are in Doral, a key Miami-Dade County location and part of the in-demand Airport West Submarket. This location offers easy access to Miami International Airport and Ronald Reagan Turnpike.
"This portfolio represents a compelling core financing opportunity that provides scale, critical mass, strong submarkets, tenant diversification, stabilized occupancy and proven infill locations," Nalbandian said. "This combination of quality and projected NOI growth made this an attractive investment in two of the country's premier logistics markets. Northern New Jersey and South Florida continue to benefit from their strategic positions as global gateway markets with exceptional transportation infrastructure and diverse tenant bases. Nationwide stepped up to deliver a very strong fixed-rate, interest-only loan that met all of Seagis’ objectives."
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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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $23.4 billion and operations in over 80 countries around the world, our more than 113,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.