Miami headquarters building acquisition financed for $17.3M
JLL Capital Markets arranged the financing for the distribution, cold storage and office building
MIAMI, April 19, 2021 – JLL Capital Markets announced today that it has arranged $17.3 million in acquisition financing for a fully leased, 213,131-square-foot industrial distribution facility with cold storage and office space that serves as the corporate headquarters of The Apollo Group in Miami, Florida.
The building is fully leased to Miami-based The Apollo Group, an award-winning, full-service hospitality management company that provides reimagined logistics to the biggest brands in the cruise ship industry. Built between 1961 and 2000, the building features a 24-foot clear height and houses 27,000 square feet of office space, a 10,000 square-foot showroom, 136,131 square feet of dry storage space and 40,000 square feet of cold storage space. In 2019, the seller renovated the office space and updated the freezer systems. JLL has nationally tracked how cold storage assets continue to be in high demand, with historical vacancies remaining below 10 percent.
Situated on 8.86 acres at 6950 NW 77 Ct., the building is within the Miami Airport North Industrial submarket, which, according to JLL Research’s Miami Industrial Insight - Q1 2021 report, has only 4.7% vacancy, which is significantly lower than the Miami-Dade Industrial market’s average of 6%. Additionally, this location provides easy access to critical demand drivers, population centers and employers. It is strategically located between the Ports of Miami and Fort Lauderdale and proximate to both Miami and Fort Lauderdale downtowns and international airports.
“Ivy Realty is excited to continue its strategy of acquiring premier industrial assets, especially those with a cold storage component, for its Florida portfolio,” said Drew DeWitt, Ivy Realty’s executive vice president of Investments.
The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Melissa Rose.
“Due to the sound fundamentals of the Miami industrial market and best-in-class borrower with Ivy Realty, we were able to build a strong market of lenders for The Apollo Group, and the lender provided a seamless execution,” Rose added.
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 sale advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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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, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Ivy Realty
Ivy Realty was founded in 1996 to acquire commercial real estate in the northeastern United States and later expanded into southeastern Florida. Since its inception, Ivy Realty has built a reputation as one of the finest real estate operators in the market having acquired over $1.5 billion and 11 million square feet in commercial real estate assets.