Industrial demand in booming Miami-Dade submarket fuels new development
JLL Capital Markets arranged a $64M construction loan for new three-building logistics park in Doral, Florida
MIAMI, Dec. 9, 2021 – JLL Capital Markets announced today that it has arranged $64.2 million in construction financing for the development of Modlo Air Logistics Center, a three-building, Class A industrial logistics park totaling 495,073 square feet in the Miami community of Doral, Florida.
JLL worked on behalf of the developer, Modlo, the logistics operating platform of GLP Capital Partners (“GCP”), to place the three-year, floating-rate construction loan with Bank of America.
Once completed in the spring of 2022, Modlo Air will be a state-of-the-art warehouse facility with modern features such as a 36-foot clear height and 110 dock-high doors. Modlo Air Logistics Center will be constructed on a 23.4-acre site at 7777 NW 41st St. in an irreplaceable location in Doral, a suburb 14 miles west of downtown Miami. The site is within Miami’s Airport West Industrial submarket and near critical infrastructure, including Miami International Airport, Interstates 95 and 75 and both Port Miami and Port Everglades.
As one of the fastest-growing markets in the southeast with more than 2.6 million residents, The Miami-Dade industrial market is showing no signs of slowing down. Demand has consistently outpaced net deliveries over the past few quarters, and the metro's vacancy rate has fallen to a decade low of 3 percent. Vacancies in the Airport West Industrial submarket have also compressed steeply and sit at 4 percent. Significant demand has bolstered landlord and developer confidence to continue to push asking rates in the Airport West Industrial submarket to the historical level of $16.45 per square foot, among the highest in the Miami-Dade Industrial market.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Bill Fishel, Managing Director Melissa Rose and Analyst Maddy McMillen.
“The stellar location of the asset in Airport West coupled with surging leasing demand and best-in-class sponsorship in Modlo resulted in a seamless execution on the construction financing,” Rose said.
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 $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 Modlo
Modlo is a logistics real estate company with a growing national portfolio of institutional-quality distribution and last-mile facilities. As the fully integrated logistics platform of GCP, Modlo offers solutions designed to meet the standards of modern supply chains. Modlo’s fast-growing portfolio spans more than 15 major markets, with a focus on serving key consumption centers and critical logistics hubs. Modlo’s scale and experience allows it to work with each of its customers to help build solutions that drive their success while also investing in the technologies and trends that will drive the supply chain future.
About GLP Capital Partners (“GCP”)
GCP is an investment manager with global experience throughout cycles, building a strong track record of performance at scale, and investing capital on behalf of institutions such as pension funds, sovereign wealth funds, and endowments. GCP operates under the direction of a team that has invested over $6 billion of equity in logistics real estate in the US and has executed on over $50 billion of logistics real estate transactions globally, including the largest ever reported private real estate transaction in the history of the industry.