JLL Capital Markets announced today that it has secured $32.75 million in permanent financing for a nine-property industrial portfolio, aggregating 410,000 square feet and located in key industrial submarkets in Northern New Jersey and South Florida.
JLL worked on behalf of the borrower, Seagis Property Group LP, to secure the financing through Nuveen Real Estate.
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% leased overall to 18 diverse tenants. All of the properties are positioned within preferred infill locations in high demand industrial submarkets, including Secaucus/North Bergen and Carteret/Avenel in Northern New Jersey, and Miami-Dade County in South Florida.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian and Director Maxx Carney.
“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 Cadranell.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Seagis Property Group LP
Founded in 2005, Seagis Property Group (“SPG”) is focused on acquiring, operating, developing and being a long-term owner of infill industrial properties in global logistics hubs on the Eastern Coast of the United States. SPG currently owns approximately 11.5 million square feet in 185 buildings. Headquartered in West Conshohocken, PA, SPG also maintains offices in Lyndhurst NJ, Miramar FL, Queens NY, and Brooklyn NY. For more, please visit: seagisproperty.com.
