1065 Northwest 132nd St. in Hialeah Gardens, Florida — Courtesy: JLL
By Joshua Burd
The owner of a nine-building, 410,000-square-foot industrial portfolio in New Jersey and South Florida has secured nearly $33 million in permanent financing, according to brokers with JLL.
The real estate services firm represented the borrower, Seagis Property Group LP, in sourcing the loan through Nuveen Real Estate. In announcing the deal Tuesday, JLL said the portfolio consists of smaller industrial buildings, each less than 100,000 square feet, that are in high demand and well-suited to the local tenant bases.
As such, the portfolio is 100 percent leased to 18 tenants.
“It was a great pleasure to work with both Seagis and Nuveen Real Estate to structure this attractive rate, full term interest-only financing in the midst of the ongoing pandemic,” said Jim Cadranell, a senior managing director with JLL. He arranged the $32.75 million loan alongside Senior Managing Director Gregory Nalbandian and Director Maxx Carney, also of JLL.
The brokers added that the portfolio includes infill locations in high-demand industrial submarkets, such as Secaucus, North Bergen, Carteret and Avenel in New Jersey and Miami-Dade County in South Florida.
