Seagis Property Group announced that it secured $122 million in financing for a 13-property industrial portfolio encompassing more than 1.1 million square feet located in Northern New Jersey, New York City and South Florida. JLL represented the borrower to secure the five-year, fixed-rate loan through a correspondent lender of JLL NJ.
The portfolio consists of five assets in New Jersey; one in Queens, N.Y.; and seven in the South Florida market. The assets were constructed between 1973 and 2021, with the majority purchased in the last two years. The portfolio was 95 percent leased at closing, with a significant amount of below-market rents rolling over in the first 36 months of the loan.
