{"id":1004738756,"date":"2024-11-26T05:21:45","date_gmt":"2024-11-26T13:21:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004738756"},"modified":"2024-11-26T07:03:29","modified_gmt":"2024-11-26T15:03:29","slug":"seagis-secures-102m-for-east-coast-industrial-portfolio","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/seagis-secures-102m-for-east-coast-industrial-portfolio\/","title":{"rendered":"Seagis Secures $102M for East Coast Industrial Portfolio"},"content":{"rendered":"\n<p>Seagis Property Group LP has landed $102 million in financing for a 495,674-square-foot portfolio of three Class A infill industrial assets in South Florida and Northern New Jersey. <\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/535-Dowd-Ave.-in-Elizabeth-N.J.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004738774\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/seagis-secures-102m-for-east-coast-industrial-portfolio\/535-dowd-ave-in-elizabeth-n-j\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/535-Dowd-Ave.-in-Elizabeth-N.J.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"535 Dowd Ave. in Elizabeth, N.J.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;535 Dowd Ave. in Elizabeth, N.J., is part of Seagis Property Group\u2019s portfolio. Image courtesy of Seagis Property Group&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/535-Dowd-Ave.-in-Elizabeth-N.J.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/535-Dowd-Ave.-in-Elizabeth-N.J.jpg\" alt=\"535 Dowd Ave. in Elizabeth, N.J., is part of Seagis Property Group\u2019s portfolio.\" class=\"wp-image-1004738774\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/535-Dowd-Ave.-in-Elizabeth-N.J.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/535-Dowd-Ave.-in-Elizabeth-N.J.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/535-Dowd-Ave.-in-Elizabeth-N.J.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">535 Dowd Ave. in Elizabeth, N.J., is part of Seagis Property Group\u2019s portfolio. <em>Image courtesy of Seagis Property Group<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>JLL\u202fCapital Markets arranged the financing through Nationwide, of Columbus, Ohio. The funding is in the form of a seven-year, fixed-rate, interest-only loan.<\/p>\n\n\n\n<p>The Seagis Class A Industrial Portfolio consists of three newly completed properties:<\/p>\n\n\n\n<p>\u2022&nbsp; 1700 Eller Drive in Hollywood, Fla., is a 199,643-square-foot facility that\u2019s just east of Fort Lauderdale\u2013Hollywood International Airport and has direct access to Port Everglades.<\/p>\n\n\n\n<p>\u2022\u00a0 8315 NW 27th St. in Doral, Fla., is a 117,831-square-foot warehouse in Doral, Fla., within the company\u2019s Transal Park, near Miami International Airport.<\/p>\n\n\n\n<p>\u2022&nbsp; 2013 McCarter Highway, Newark, N.J., is a 178,200-square-foot warehouse located near major transportation routes and logistics hubs, such as Newark Liberty International Airport.<\/p>\n\n\n\n<p>All three assets were delivered between 2023 and 2024 and feature 32- to 40-foot clear heights, ample truck and car parking, optimized building depths, and numerous loading doors.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO<\/strong>: <a href=\"https:\/\/www.commercialsearch.com\/news\/why-industrial-outdoor-storage-will-always-be-in\/\">Why Industrial Outdoor Storage Will Always Be In<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The JLL Debt Advisory team was led by Senior Managing Directors Jim Cadranell and Gregory Nalbandian and Vice President Michael Lachs. According to JLL, the portfolio is occupied by credit tenants, with a weighted average lease term of almost 10 years.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-gateway-focus\">Gateway focus<\/h2>\n\n\n\n<p>This past January, <a href=\"https:\/\/www.commercialsearch.com\/news\/seagis-lands-122m-in-financing-for-industrial-portfolio\/\">Seagis obtained a $122 million loan<\/a> for the financing of a 13-property, 1.1 million-square-foot industrial portfolio Northern New Jersey, New York City and South Florida. JLL arranged the five-year, fixed-rate loan through a correspondent lender. The properties ranged substantially in age, from three to 50 years old, but illustrated the company\u2019s focus on infill properties in gateway East Coast markets.<\/p>\n\n\n\n<p>Overall industrial space vacancy in Miami\u2013Dade County rose by 70 basis points over the prior quarter, to 3.9 percent, according to a third-quarter report from JLL. New leases and renewals in the quarter totaled more than 800,000 square feet.<\/p>\n\n\n\n<p>Significantly, net absorption year-to-date has been about 2.8 million square feet, as against deliveries over the same period of 6.9 million square feet and a pipeline of nearly a further 4.2 million square feet, just 4 percent of it preleased.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The properties were completed in 2023 and 2024.<\/p>\n","protected":false},"author":882,"featured_media":1004738774,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21808,21825,21748,23891,21742],"tags":[44006,33583,33402],"class_list":["post-1004738756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-featured","category-finance","category-industrial","category-national","category-latest","tag-jll-capital-markets","tag-nationwide-life-insurance-company","tag-seagis-property-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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