By Joshua Burd
Seagis Property Group LP has landed nearly $61 million to refinance seven light industrial buildings in New York City, in a deal by JLL’s Morristown-based capital markets team.
According to the brokers, the portfolio includes properties at 250 Johnson Ave., 124-134 Forrest St. and 132 54th St. in Brooklyn, plus 58-17 59th Drive and 5700 49th Place in the Maspeth section of Queens and 1108 Zerega Ave. and 2500 Waterbury Ave. in The Bronx. The buildings are fully leased to eight tenants, providing an attractive opportunity for Chase to provide the 10-year, fixed-rate, interest-only, nonrecourse loan.
JLL senior managing directors Gregory Nalbandian and Jim Cadranell, Vice President Michael Lachs and Director Alex Staikos sourced the $60.8 million deal on Seagis’ behalf.
“As one of the premier owners of industrial real estate in the outer boroughs industrial market, Seagis acquired these highly demanded assets at an extremely attractive basis and implemented their value-add strategy very effectively post-acquisition,” Nalbandian said. “JLL was honored to assist Seagis once again on another very successful financing enabling our client to take advantage of the very favorable capital markets environment today.”
In a news release, JLL said the 199,457-square-foot portfolio has clear heights ranging from 16 to 28 feet, 20 loading positions, some office finish and ample parking. The properties are in high-demand, infill locations within some of the most densely populated areas of the country, with vacancy in the outer boroughs continuing to fall and rents still on the rise.
