Tuesday, December 15, 2020

South Florida industrial, retail and office portfolio refinanced

 

Melissa Rose

 MIAMI, FL, Dec. 15, 2020 – JLL Capital Markets announced today that it has arranged the $5.4 million refinancing for a fully leased, five-asset industrial portfolio with a small component of office and retail totaling 78,064 square feet in the South Florida community of Hialeah, Florida.

 JLL worked on behalf of AJF Properties to place the 10-year, fixed-rate loan with Valley Bank. Loan proceeds will be used to retire the portfolio’s existing senior loan.

 

The borrower acquired the portfolio in separate transactions between 2011 and 2015. At 100 percent leased, the properties are home to a diverse mix of tenants in industries including recycling, automotive repair, insurance, equipment rental, flooring and bakery sectors.

Zachary Bayer


 The portfolio includes four industrial properties located at 3572 E. 10th Ct., 1048 E. 26th St., 3500 NW 59th St. and 2498 W. 3 Ct.; one office and retail property at 491 Hialeah Dr.; and one retail asset at 3345 NW 79th St.

All the assets are in Hialeah, one of the best-performing infill industrial submarkets in South Florida.

 

The JLL Capital Markets Debt Placement team representing the borrower was led by Managing Director Melissa Rose and Analyst Zachary Bayer.

 

“Due to the strong tenant demand for small bay industrial in the Hialeah and the best-in-class sponsorship, we had a great execution on the recapitalization of this asset,” Rose said.

 

“Our sponsors have added tremendous value with tenant retention and leasing efforts throughout the pandemic, and the lender provided a seamless close.”

 

 CONTACT:

 

 Kimberly Steele

Senior Associate, Public Relations

JLL Capital Markets

9 Greenway Plaza, Suite 700

Houston, TX  77046

T +1 713 852 3420

M +1 832 244 9994

Kimberly.Steele@am.jll.com

 us.jll.com/capitalmarkets

jll.com.

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