News release

South Florida industrial portfolio refinanced with $73.35M loan

JLL Capital Markets arranged the loan for the five-property industrial portfolio in Miami and Broward County markets

January 12, 2022

Kimberly Steele

Capital Markets, Agency Leasing and Valuation Advisory PR
+1 713 852 3420

MORRISTOWN, N.J., Jan. 12, 2022 – JLL Capital Markets announced today that it has arranged a $73.35 million refinancing for a five-property industrial portfolio totaling 713,481 square feet in high-demand South Florida Industrial markets.

JLL worked exclusively on behalf of the borrower, Seagis Property Group LP, to place the 10-year, fixed-rate, interest-only loan through a correspondent life insurance company.

The 12-building portfolio includes Class A and B industrial properties at 8305 NW 27th St. in Doral, 8150 NW 76th St. and 2101 NW 82nd St. in Medley, 3000 NW 125th St. in Miami and the nine-building small-bay Cooper Commerce Center at 2229-12260 SW 53rd and 12323 SW 55th Streets in Cooper City (Broward County). Currently 99 percent occupied, the portfolio is home to 67 tenants with an average occupancy rate of 95 percent since 2011. All buildings are very functional with efficient loading and clear heights ranging from 21 to 24 feet.

The properties are in infill locations within the Miami-Dade and Broward County Industrial markets, two of the strongest industrial markets on the East Coast. According to JLL Research, the Miami-Dade Industrial market is showing little to no signs of slowing down. As vacancy has declined to a low 4.5 percent, asking rates, which during the third quarter of 2021 increased to $8.84 per square foot, are anticipated to continuously break records for the foreseeable future. The Broward County Industrial market tells a similar story with asking rents rising to $9.70 per square foot, as demand is expected to remain robust.

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

“As industrial real estate in strong in-fill markets backed by top institutional sponsors remains at the top of lenders’ wish list, there was substantial competition to finance this irreplaceable portfolio,” Nalbandian said. “The sponsor took advantage of record-low interest rates while also repatriating a significant amount of equity to use towards future acquisitions.”

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.


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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About Seagis Property Group LP 

Seagis Property Group LP owns and operates 12 million square feet of industrial buildings in New Jersey, New York City, and Miami-Dade/Broward. Seagis is headquartered in suburban Philadelphia, with offices at One Tower Bridge, 100 Front Street, Suite 350, Conshohocken, PA, 19428.