Thorofare Capital Lends $20M on Miami Truck Parking Lot Refi
By Andrew Coen November 1, 2021 2:53 pm
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Drake Real Estate Partners and Relentless Capital have landed a $19.5 million debt package to refinance a net-leased truck parking lot in Miami, Commercial Observer can first report.
Thorofare Capital provided the floating-rate loan for the joint venture’s 12-acre property, acquired as vacant land in 2019. It now comprises 360 truck parking spaces net leased to Lanier Parking Solutions. The joint venture purchased the property for $12.5 million from Jose Perez.
Newmark (NMRK) arranged the financing with a team led by Dustin Stolly and Jordan Roeschlaub alongside Daniel Fromm, Danny Matz and Eden Abraham.
Located at 17707 NW Miami Court, the property has been redeveloped since the 2019 acquisition that included demolishing an obsolete warehouse along with installing updated drainage, lighting, asphalt and grading. A new maintenance building was also constructed.
Evan Seiden, CEO of Relentless, a Miami-based operator of truck parking facilities, said the property is unique compared to some of his other facilities since it contains “luxury amenities” for truck drivers like showers and on-site repair shops along with 24-hour access.
“It is a brand new, fully renovated facility that has leading on-site security and video surveillance,” Seiden said. “It is Miami’s new five-star truck stop.”
Seiden added that he is looking to operate more truck-parking facilities given the heavy demand now for the industrial outdoor storage sector. He has $200 million in contracts for acquisitions, mainly in the South Florida and Chicago areas.
Representatives for Thorofare, Drake and Newmark did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commerciaobserver.com.
