Seagis Secures $102M for East Coast Industrial Portfolio
The properties were completed in 2023 and 2024.
Seagis Property Group LP has landed $102 million in financing for a 495,674-square-foot portfolio of three Class A infill industrial assets in South Florida and Northern New Jersey.
JLL Capital Markets arranged the financing through Nationwide, of Columbus, Ohio. The funding is in the form of a seven-year, fixed-rate, interest-only loan.
The Seagis Class A Industrial Portfolio consists of three newly completed properties:
• 1700 Eller Drive in Hollywood, Fla., is a 199,643-square-foot facility that’s just east of Fort Lauderdale–Hollywood International Airport and has direct access to Port Everglades.
• 8315 NW 27th St. in Doral, Fla., is a 117,831-square-foot warehouse in Doral, Fla., within the company’s Transal Park, near Miami International Airport.
• 2013 McCarter Highway, Newark, N.J., is a 178,200-square-foot warehouse located near major transportation routes and logistics hubs, such as Newark Liberty International Airport.
All three assets were delivered between 2023 and 2024 and feature 32- to 40-foot clear heights, ample truck and car parking, optimized building depths, and numerous loading doors.
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The JLL Debt Advisory team was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian and Vice President Michael Lachs. According to JLL, the portfolio is occupied by credit tenants, with a weighted average lease term of almost 10 years.
Gateway focus
This past January, Seagis obtained a $122 million loan for the financing of a 13-property, 1.1 million-square-foot industrial portfolio Northern New Jersey, New York City and South Florida. JLL arranged the five-year, fixed-rate loan through a correspondent lender. The properties ranged substantially in age, from three to 50 years old, but illustrated the company’s focus on infill properties in gateway East Coast markets.
Overall industrial space vacancy in Miami–Dade County rose by 70 basis points over the prior quarter, to 3.9 percent, according to a third-quarter report from JLL. New leases and renewals in the quarter totaled more than 800,000 square feet.
Significantly, net absorption year-to-date has been about 2.8 million square feet, as against deliveries over the same period of 6.9 million square feet and a pipeline of nearly a further 4.2 million square feet, just 4 percent of it preleased.
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