$102M financing secured for a Class A industrial portfolio in Florida and New Jersey

MORRISTOWN, N.J., Nov. 25, 2024 - JLL Capital Markets announced today it arranged $102 million in financing for the Seagis Class A Industrial Portfolio, which includes three newly completed warehouse distribution centers encompassing 495,674 square feet in Northern New Jersey and South Florida.

JLL worked on behalf of the borrower, Seagis Property Group LP, to secure the seven-year, fixed-rate, interest only loan through its correspondent, Columbus, Ohio-based Nationwide.

The portfolio is located in some of the best infill locations within their respective markets. 1700 Eller Drive in Hollywood, Florida, is a 199,643-square-foot facility with direct access to Port Everglades and just east of Fort Lauderdale-Hollywood International Airport. The second asset is a 117,831-square-foot warehouse at 8315 NW 27th Street in Doral, Florida, located near Miami International Airport within the sought-after Transal Park. In Northern New Jersey, the 178,200-square-foot warehouse is situated at 2013 McCarter Highway, Newark, positioned near major transportation routes and significant logistics hubs like Newark Liberty International Airport.

The assets were constructed between 2023 and 2024 and are situated in two of the strongest industrial markets on the Eastern Seaboard. These state-of-the-art facilities feature 32- to 40-foot clear heights, ample truck and car parking, optimized building depths and numerous loading doors to meet the high demands of top tenants.

The JLL Debt Advisory team was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian and Vice President Michael Lachs.

"We are pleased to facilitate the financing of this best-in-class portfolio, enhancing Seagis Property Group's ability to capitalize on these premium assets in highly demanded markets," said Nalbandian. "This portfolio provided a financing opportunity that offered scale, strong submarkets, diversification, credit tenancy and a WALT of almost 10 years. Nationwide stepped up for this attractive financing and delivered premium economic terms."

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, please visit JLL's newsroom.