A portfolio owned by Seagis Property Group includes a combined 1.5 million square feet of industrial space in New Jersey’s Meadowlands and Ports submarkets and Miami-Dade County in Florida. — Courtesy: JLL
By Joshua Burd
Seagis Property Group has closed on more than $184 million in financing for a combined 1.5 million square feet of industrial space in New Jersey and South Florida.
According to JLL, which sourced the debt, the properties include six assets totaling 773,433 square feet across the Garden State’s Meadowlands and Ports submarkets. The fully occupied portfolio is leased to nine tenants across industries, including logistics and supply chain, food production and distribution, fashion and apparel manufacturing and packaging and materials, providing strong access to New York City and Port Newark-Elizabeth.
The Miami-Dade County holdings include seven fully leased industrial buildings with a combined 787,728 square feet, JLL said in a news release, touting their proximity to Miami International Airport and Port Miami. The portfolio has 41 tenants across industries including logistics, food and beverage, retail, ecommerce, packaging, fashion, pharmaceuticals and telecommunications.
JLL senior managing directors Jim Cadranell and Gregory Nalbandian and Vice President Michael Lachs led the team working on Seagis’ behalf. The deal includes a $96.5 million loan for the New Jersey portfolio and an $87.7 million loan for the Florida properties, both from a life insurance company.
“These portfolios represent institutional-quality industrial product in two of the strongest industrial markets in the country,” Cadranell said. “The high-quality tenant rosters, strategic infill locations and continued robust fundamentals in both regions made this an extremely attractive financing opportunity.”
