Financing secured for cold storage development in Tampa
JLL Capital Markets arranged construction financing and joint venture equity for Tampa Cold Logistics
MIAMI, May 2, 2023 – JLL Capital Markets announced today that it has arranged $26.6 million in construction financing and $13 million in joint venture equity for the development of Tampa Cold Logistics, a 108,554-square-foot cold storage facility in Tampa, Florida.
JLL represented the borrower, Sansone Group, in securing the three-year, floating-rate loan through a local bank. In addition, JLL arranged the joint venture equity partnership with BentallGreenOak.
Once completed Tampa Cold Logistics will feature 45’ clear heights, 11,666 pallet positions, -10ºF to 34ºF temperature capabilities and 17 dock doors with a freon split cooling system due to the strategic multi-tenant configuration.
The site is located on 7.27 acres at 3601 East 3rd Ave., two miles from downtown Tampa and Port Tampa Bay. The property’s proximity to major thoroughfares, including Interstates 4, 275, 75 and Selmon Expressway/FL-618, will allow future tenants to reach 9.3 million residents within a two-hour drive. Additionally, the property is adjacent to the CSX railway, 2.7 miles from the CSX Intermodal Tampa terminal and 11 miles from the Tampa International Airport.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director John Huguenard, Managing Directors Luis Castillo and Melissa Rose and Director Michael DiCosimo.
“Due to the best-in-class sponsorship in Sansone, Mandich and BGO, alongside an infill Tampa location, we were able to build a strong market of lenders amidst a turbulent capital markets environment,” said Rose. “The demand for modernized cold storage space managed by skilled operators in this market is incredibly strong, substantiating speculative development.”
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
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $20.9 billion, operations in over 80 countries and a global workforce of more than 103,000 as of December 31, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sansone Group
Sansone Group is a family owned and operated; national commercial real estate firm headquartered in St. Louis with eight offices across the US. The firm specializes in development, property management, and brokerage services in commercial and residential sectors. Sansone Group is committed to providing superior and comprehensive commercial real estate services for every customer through Teamwork, Creativity, Hard Work, Faith and Professionalism. The Sansone Group team has developed over 40 million square feet of industrial projects from coast to coast in 24 different states. These projects include warehouse and distribution, truck terminals, manufacturing, and refrigerated warehouse.
About BentallGreenOak
BentallGreenOak is a leading, global real estate investment management advisor and a globally-recognized provider of real estate services. BentallGreenOak serves the interests of more than 750 institutional clients with approximately $83 billion USD of assets under management (as of December 31, 2022) and expertise in the asset management of office, industrial, multi-residential, retail and hospitality property across the globe. BentallGreenOak has offices in 28 cities across fourteen countries with deep, local knowledge, experience, and extensive networks in the regions where we invest in and manage real estate assets on behalf of our clients in primary, secondary and co-investment markets. BentallGreenOak is a part of SLC Management, which is the alternatives asset management business of Sun Life.
The assets under management shown above includes real estate equity and mortgage investments managed by the BentallGreenOak group of companies and their affiliates, and as of 1Q21, includes certain uncalled capital commitments for discretionary capital until they are legally expired and excludes certain uncalled capital commitments where the investor has complete discretion over investment.
For more information, please visit www.bentallgreenoak.com.