JLL Capital Markets 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.
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 Apollo Group is an award-winning, full-service hospitality management company that provides reimagined logistics to the biggest brands in the cruise ship industry. 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.
“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.
Get the latest industry news and information from CRE-sources delivered right to your email inbox! And we promise…no more than one email each morning.
And we promise…no more than one email each morning.