$112M refinancing secured for 12-property industrial portfolio in South Florida

MIAMI – October 10, 2022 – JLL Capital Markets announced today that it has arranged a $112 million refinancing for a 12-property, well-located, in-fill industrial portfolio totaling 895,958 square feet in Miami and Ft. Lauderdale, Florida markets.

JLL worked on behalf of the borrower, Seagis Property Group LP, to secure the seven-year, fixed-rate loan through a correspondent life company.

The portfolio is primarily a mix of Class A and B single and multi-tenant properties that were acquired within the past two years. Since the acquisition, a majority of the assets were re-tenanted and renewed at substantial increases in rent. The portfolio includes:

•  255 NE 181^st St., Miami
• 3075 NW 10^th Ave., Doral
• 8850 NW 15^th St., Doral
• 9700 NW 17^th St., Doral
• 10100 NW 25^th St., Doral
• 10005 NW 58^th St., Doral
• 12800 NW 113^th Court, Medley
• 3501 Commerce Parkway, Miramar
• 1919 NW 19^th St., Ft. Lauderdale
• 2765 SW 36^th St., Ft. Lauderdale
• 3400-3406 SW 26^th Terrace, Ft. Lauderdale
• 280 NW 12^th Ave., Pompano Beach

The properties are located within the South Florida Industrial submarket, one of the strongest industrial markets on the east coast driven by population growth and the increasing need for warehouse and logistics space. The portfolio also benefits from the area’s vast transportation network, including Routes 27 and 395, Interstates 75 and 95 and Dolphin Expressway, as well as, Miami International Airport, The Port of Miami, Port Everglades and the Florida Coast Railway.

The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian, Director Maxx Carney and Vice President Michael Lachs.

“Our client created significant value by substantially increasing rents across a majority of the portfolio enabling them to cash out significant equity within a short period after acquiring the properties,” said Nalbandian. “We were also able to secure a very attractive seven-year full-term interest-only loan and lock the interest rate well before the recent run-up in treasuries.”

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.

For more news, videos and research resources on JLL, please visit our newsroom.

Seagis Property Group LP was formed in 2005 and is a leading investor and owner of industrial and logistics real estate with a particular focus in Central and Northern New Jersey, New York City, JFK Airport and Miami / Ft. Lauderdale markets.