Chicago-based JLL Capital Markets said Tuesday that it has arranged $184.2 million in financing for two fully leased industrial portfolios totaling 1.5 million square feet in northern New Jersey and Miami-Dade County, Florida.
JLL arranged the financing for the borrower, Seagis Property Group, to secure separate loans via a life insurance company: $96.5 million for the northern New Jersey portfolio and $87.7 million for the Miami-Dade County properties.
The northern New Jersey portfolio includes six industrial assets totaling 773,433 square feet in the Meadowlands and Ports submarkets. The portfolio is leased to nine tenants in the industries of logistics and supply chain, food production and distribution, fashion and apparel manufacturing, and packaging and materials. The assets were attractive because of their access to New York City and Port Newark-Elizabeth, the busiest port on the East Coast.
Leasing activity in northern New Jersey got off to a slow start in 2025, according to Cushman and Wakefield. The real estate services firm said in a report that “New Jersey’s industrial market experienced a slowdown at the start of 2025, with the strong momentum and demand from late 2024 not carrying over into the new year. Leasing activity softened, as tenant requirements stalled due to uncertainty over the impact of tariffs on consumer demand.”
The Miami-Dade County portfolio consists of seven fully leased industrial properties totaling 787,728 square feet. The assets are located in desirable industrial submarkets near Miami International Airport and Port Miami. The portfolio has 41 tenants across diverse industries including logistics, food and beverage, retail, e-commerce, packaging, fashion, pharmaceuticals and telecommunications.
The industrial market for Miami-Dade Demand remained strong in early 2025, according to real estate services firm CBRE, with more than 750,000 square feet of net absorption. CBRE said that was spurred by e-commerce, food and beverage, and freight forwarding users.
“These portfolios represent institutional-quality industrial product in two of the strongest industrial markets in the country,” said Senior Managing Director Jim Cadranell, one of the leaders of the JLL Debt Advisory. “The high-quality tenant rosters, strategic infill locations and continued robust fundamentals in both regions made this an extremely attractive financing opportunity.”
Seagis Property Group, based in Philadelphia, was formed in 2005 and invests and owns industrial real estate in New Jersey, New York City, and South Florida. Seagis owns and operates 200 buildings totaling nearly 13 million square feet.
