Seagis Refinances 2 Industrial Portfolios for $184M

April 16, 2025

These East Coast properties total 1.5 million square feet.

A collage of exterior shots of five Seagis properties — Doral West Center in Doral, Fla., and 535 Dowd Ave. in Elizabeth, N.J. are two of the 13 properties that Seagis refinanced in the current deal. *Image courtesy of JLL*

Seagis Property Group has obtained $184.2 million to refinance two fully leased industrial portfolios totaling 1.5 million square feet in the Miami-Dade and Northern New Jersey markets. In separate deals, JLL arranged two loans through a life insurance company.

The Miami-Dade County portfolio, refinanced with an $87.7 million loan, comprises seven properties totaling 787,728 square feet. Located near Miami International Airport and Port of Miami, the assets boast a total of 41 tenants across various industries including logistics, food and beverage, retail, e-commerce, packaging, fashion, pharmaceuticals and telecommunications.

The six properties totaling 773,433 square feet in Northern New Jersey benefitted from a $96.5 million refinancing. The portfolio is leased to nine tenants from industries such as logistics and supply chain, food production and distribution, fashion and apparel manufacturing and packaging and materials. Located in prime infill sites across the Meadowlands and Ports submarkets, the assets provide excellent access to New York City and Port Newark-Elizabeth.

JLL Senior Managing Directors Jim Cadranell and Gregory Nalbandian, along with Vice President Michael Lachs, led the Capital Markets Debt Advisory team that negotiated the financing on behalf of Seagis.

East Coast focus

Based in suburban Philadelphia, Seagis focuses on the acquisition of strategically located warehouse buildings and development sites across New Jersey, New York City and South Florida. The company currently owns and operates 200 buildings totaling nearly 13 million square feet.

Seagis has been refinancing several portfolios over the past year or so. In November, the company secured $102 million for a 495,674-square-foot portfolio of three Class A infill assets in South Florida and Northern New Jersey. The same JLL team arranged the deal.

In April 2024, Seagis refinanced a newly completed 224,900-square-foot Class A warehouse in Newark with an $81 million loan. The build-to-suit distribution center is located just outside Newark Liberty International Airport.

And earlier that year, JLL Capital Markets again assisted Seagis in obtaining a $122 million loan for the refinancing of a 1.1 million-square-foot industrial portfolio in Northern New Jersey, New York City and South Florida.

Active industrial markets

The Northern New Jersey industrial market ended 2024 with two quarters exceeding 12 million square feet in leasing volume. Activity slowed down in the first quarter of this year to 7.3 million square feet in leasing volume but it was enough to surpass Central New Jersey for the first time in more than a year, according to JLL data.

In addition, the firm’s first quarter 2025 New Jersey Industrial Market Dynamics report noted there were only 942,536 square feet of new industrial space breaking ground, keeping the availability rate relatively stable. JLL expects the dampened construction environment in Northern New Jersey to continue for the foreseeable future.

The Miami-Dade County industrial market also began the year in a healthy position with quarterly net absorption indicating signs of market stability and underlying market fundamentals remaining strong, according to JLL’s Miami Industrial Market Dynamics report for Q1.

There were about 2 million square feet of new leases and renewals recorded in the first quarter. Although vacancy rates may fluctuate as new developments deliver, rental rates are projected to continue rising, JLL reported. However, the market may experience extended lease up times with new completions throughout the year.