Nationwide Provides $100M Refi for Nine South Florida Industrial Assets
Seagis Property Group, a Pennsylvania-based investor in warehouse and distribution facilities, owns the buildings
By Brian Pascus April 16, 2024 3:36 pm
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Seagis Property Group, a Pennsylvania-based investor in warehouse and distribution facilities, has secured $100 million to refinance nine warehouse properties in the South Florida market.
Insurance company Nationwide provided the interest-only, seven-year loan, while a JLL Capital Markets team led by Jim Cadranell, Gregory Nalbandian, Michael Lachs and Jimmy Calvo negotiated the deal.
“In a challenging capital markets environment Nationwide provided an extremely competitive loan for Seagis on their well-performing industrial assets,” said Cadranell in a statement. “It was a pleasure to again work with both borrower and lender on this transaction.”
The nine south Florida industrial assets encompass approximately 824,546 square-feet and are 99 percent occupied, according to JLL.
The buildings are titled and located at the following address: Lakeway Corporate Center, 5800, 5810, 5850 & 5900 Miami Lakes Drive; 3450 NW 115th Avenue; Commerce Park at 3100 NW 74th Avenue; Miami Gardens Industrial Center at 150 NW 176th Street; Deerwood Commerce Center at 11921 SW 144th Street and 14250, 14301, 14377 SW 119th Avenue; Flamingo Park of Commerce at 12064, 11092-11926 and 11824-11846, 12004, 9600, 12006, 11930 Miramar Parkway; and University Park of Commerce at 6535, 6555, 6545 Nova Drive.
Seagis Property Group did not respond to a request for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
