JLL Capital Markets said Monday 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.