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| Melissa Rose |
MIAMI, FL– JLL Capital Markets announced it has arranged $17.3 million in acquisition financing for a fully leased, 213,131-square-foot industrial distribution facility with cold storage and office space that serves as the corporate headquarters of The Apollo Group in Miami, Florida.
JLL worked on behalf of the borrower, Ivy Realty, to place the seven-year, fixed-rate, non-recourse loan with a life insurance company for this sale-leaseback transaction.
The building is fully leased to Miami-based The
Apollo Group, an award-winning, full-service hospitality management company
that provides reimagined logistics to the biggest brands in the cruise ship
industry.
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| Drew DeWitt, |
“Ivy Realty is excited to continue its strategy
of acquiring premier industrial assets, especially those with a cold storage
component, for its Florida portfolio,” said Drew DeWitt, Ivy Realty’s
executive vice president of Investments.
The JLL Capital Markets Debt Placement team
representing the borrower was led by Managing Director Melissa Rose.
“Due to the sound fundamentals of the Miami
Industrial market and best-in-class borrower with Ivy Realty, we were able to
build a strong market of lenders for The Apollo Group, and the lender provided
a seamless execution,” Rose added.
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| Fully leased, 213,131-SF industrial distribution facility with cold storage and office space that serves as corporate headquarters of The Apollo Group in Miami, FL |
Built between 1961 and 2000, the building
features a 24-foot clear height and houses 27,000 square feet of office space,
a 10,000 square-foot showroom, 136,131 square feet of dry storage space and
40,000 square feet of cold storage space.
In 2019, the seller renovated the office space
and updated the freezer systems. JLL has nationally tracked how cold storage
assets continue to be in high demand, with historical vacancies remaining below
10 percent.
Situated on 8.86 acres at 6950 NW 77 Ct., the
building is within the Miami Airport North Industrial submarket, which,
according to JLL Research’s Miami Industrial Insight - Q1 2021 report,
has only 4.7% vacancy, which is significantly lower than the Miami-Dade
Industrial market’s average of 6%.
Additionally, this location provides easy access
to critical demand drivers, population centers and employers. It is
strategically located between the Ports of Miami and Fort Lauderdale and
proximate to both Miami and Fort Lauderdale downtowns and international
airports.
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JLL, please visit our newsroom.
CONTACTS:
Kimberly
Steele
JLL Senior Associate
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
