News release

$122,000,000 financing secured for an industrial portfolio located in New Jersey, New York and Florida

JLL Capital Markets led the financing efforts for the 13-asset portfolio

January 16, 2024

Alli Semans

Hotels & Hospitality and Capital Markets PR
+1 330 329 6750

MORRISTOWN, NJ, Jan. 16, 20234–  JLL Capital Markets announced today that it has arranged $122,000,000 in financing for a 13-property industrial portfolio encompassing over 1.1 million square feet located in Northern New Jersey, New York City and South Florida. JLL represented the borrower, Seagis Property Group LP, to secure the five-year, fixed-rate loan through a correspondent lender of JLL NJ.

The portfolio consists of five assets in New Jersey, one in Queens, New York and seven in the South Florida market. The assets were constructed between 1973 and 2021, with the majority purchased in the last two years. The portfolio was 95% leased at closing, with a significant amount of below-market rents rolling over in the first 36 months of the loan.

The portfolio’s assets reflect Seagis’ successful acquisition strategy focused on the Eastern Seaboard’s best gateway markets and their highest demand infill locations. The New York Metro assets are situated in the Meadowlands, Outer Boroughs and Central New Jersey markets, widely recognized for their outstanding demand and access to the nation’s largest regional population. The South Florida assets are easily accessible to major airports, ports, highways and the growing populations in both the Miami-Date and Broward County Markets. The portfolio’s geographic diversity in high-demand Eastern Seaboard submarkets was a significant draw for lenders.

The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian, Vice President Michael Lachs and Associate Jimmy Calvo.

“There was considerable interest in financing this infill portfolio in top-tier markets with best-in-class sponsorship. The lender really distinguished itself with a very strong five-year, fixed rate deal at aggressive pricing and providing for open prepayment at par in years four and five of the loan,” stated Nalbandian.

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 Seagis Property Group LP

Seagis Property Group LP ("Seagis") is a privately held industrial real estate owner and investor focused on the acquisition and development of properties located in logistically driven markets along the Eastern Seaboard. The company's current portfolio spans more than 13 million square feet of space in New Jersey, New York, and South Florida. Seagis acquires stabilized core, core-plus, value-add and development real estate for logistics use. Since its inception in 2005, Seagis has successfully acquired and developed more than 14.3 million square feet of industrial space. Seagis is headquartered in Conshohocken, Pennsylvania, located in suburban Philadelphia. For more information, visit


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 $20.8 billion and operations in over 80 countries around the world, our more than 106,000 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