Berkadia Arranges $50M Refi Of Miami Industrial Portfolio
The 689,940-square-foot portfolio consists of 20 warehouse buildings located in the Medley submarket.
The 689,940-square-foot portfolio consists of 20 warehouse buildings located in the Medley submarket.
The loan was arranged by Steve Roth, Bill Jurjovec and team at CBRE’s Debt & Structured Finance group.
JLL Capital Markets led the sales efforts for the 371,000-square-foot light industrial portfolio adjacent to Miami International Airport.
Corebridge acquired the property from Longpoint Partners for $43.5 million.
The tenant currently occupies 50,328 square feet and renewed and expanded for an additional 37,500 square feet for a total of 87,828 square feet.
The sale price breaks down to approximately $309 per square foot.
Ted Elam, Principal at Foundry Commercial, will serve as president for the distinguished real estate organization, known for its comprehensive industrial, office, and real estate finance reports.
Alex Zylberglait and Michael Crocchiola, investment specialists in Marcus & Millichap’s Miami office, exclusively marketed the property on behalf of the seller and procured the buyer.
The park offers 344,940 square feet of purpose-built industrial space engineered for the region’s booming distribution and logistics needs.
The portfolio consists of seven fully leased industrial properties totalling 787,728 square feet.
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