An undisclosed lender provided $122 million in financing to Seagis Property Group LP for a 13-building, 1.1 million-square-foot industrial portfolio in New Jersey, New York and Florida. — Courtesy: JLL
By Joshua Burd
Seagis Property Group LP has snagged $122 million in financing in connection with more than 1 million square feet of industrial space in New Jersey, New York and Florida.
According to JLL, which sourced the transaction, a correspondent lender provided the five-year, fixed-rate loan for the 13-property portfolio. Brokers noted that the buildings were 95 percent leased at closing, consisting of five assets in New Jersey, one in Queens and seven in South Florida that were all built between 1973 and 2021.
JLL senior managing directors Jim Cadranell and Gregory Nalbandian, Vice President Michael Lachs and Associate Jimmy Calvo led the team representing Seagis.
“There was considerable interest in financing this infill portfolio in top-tier markets with best-in-class sponsorship,” Nalbandian said. “The lender really distinguished itself with a very strong five-year, fixed rate deal at aggressive pricing and providing for open prepayment at par in years four and five of the loan.”
In a news release, JLL noted that Seagis purchased most of the buildings in the last two years, citing the firm’s strategy of buying in the eastern seaboard’s best gateway markets and their highest-demand infill locations. The New York metro assets are within the Meadowlands, outer boroughs and central New Jersey markets, while the South Florida properties are easily accessible to major airports, ports, highways and the growing populations in both the Miami-Date and Broward County markets.
The portfolio’s geographic diversity in top-tier submarkets was a significant draw for lenders, JLL said. The team added that there are several tenants with below-market rents rolling over in the first 36 months of the loan.
