Seagis Property Group’s newest developments include a combined 495,674 square feet in Newark, New Jersey, and Hollywood and Doral, Florida. — Courtesy: JLL
By Joshua Burd
Seagis Property Group has closed on $102 million in financing for three newly completed warehouses in New Jersey and Florida, brokers with JLL announced Monday.
According to the debt placement team, insurance company Nationwide provided the seven-year fixed-rate, interest only loan in connection with the 495,674-square-foot portfolio. That includes the developer’s 178,200-square-foot warehouse project at 2013 McCarter Highway in Newark, which it completed earlier this year and leased to two undisclosed tenants, plus 199,643 square feet and 117,831 square feet in the Florida markets of Hollywood and Doral, respectively.
JLL senior managing directors Jim Cadranell and Gregory Nalbandian and Vice President Michael Lachs represented the borrower.
“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,” Nalbandian said. “This portfolio provided a financing opportunity that offered scale, strong submarkets, diversification, credit tenancy and a (weighted average lease term) of almost 10 years. Nationwide stepped up for this attractive financing and delivered premium economic terms.”
JLL noted that Seagis completed the facilities between 2023 and 2024, seeking to capture demand in two of the strongest industrial markets on the East Coast. The buildings have 32- to 40-foot clear ceiling heights, ample truck and car parking, optimized building depths and multiple loading doors to meet the high demands of top tenants.
Tenants at the Newark property have quick access to major highways and infrastructure hubs such as Newark Liberty International Airport. The Hollywood property at 1700 Eller Drive has direct access to Port Everglades and is just east of Fort Lauderdale-Hollywood International Airport, while the Doral warehouse at 8315 Northwest 27th St. is near Miami International Airport and within the sought-after Transal Park.
