News release

South Florida industrial, retail and office portfolio refinanced

JLL Capital Markets arranged the $5.4M loan for the fully leased portfolio on behalf of AJF Properties

December 15, 2020

MIAMI, December 15, 2020JLL Capital Markets announced today that it has arranged the $5.4 million refinancing for a fully leased, five-asset industrial portfolio with a small component of office and retail totaling 78,064 square feet in the South Florida community of Hialeah, Florida.

JLL worked on behalf of AJF Properties to place the 10-year, fixed-rate loan with Valley Bank. Loan proceeds will be used to retire the portfolio’s existing senior loan.

The borrower acquired the portfolio in separate transactions between 2011 and 2015. At 100 percent leased, the properties are home to a diverse mix of tenants in industries including recycling, automotive repair, insurance, equipment rental, flooring and bakery sectors. The portfolio includes four industrial properties located at 3572 E. 10th Ct., 1048 E. 26th St., 3500 NW 59th St. and 2498 W. 3 Ct.; one office and retail property at 491 Hialeah Dr.; and one retail asset at 3345 NW 79th St. All the assets are in Hialeah, one of the best-performing infill industrial submarkets in South Florida.

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Melissa Rose and Analyst Zachary Bayer.

“Due to the strong tenant demand for small bay industrial in the Hialeah and the best-in-class sponsorship, we had a great execution on the recapitalization of this asset,” Rose said. “Our sponsors have added tremendous value with tenant retention and leasing efforts throughout the pandemic, and the lender provided a seamless close.”

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 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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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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit