JLL Capital Markets has arranged $64.2 million in construction financing for the development of Modlo Air Logistics Center, a three-building, Class A industrial logistics park totaling 495,073 square feet in the Miami community of Doral.
JLL worked on behalf of the developer, Modlo, the logistics operating platform of GLP Capital Partners (“GCP”), to place the three-year, floating-rate construction loan with Bank of America.
Once completed in the spring of 2022, Modlo Air will be a state-of-the-art warehouse facility with modern features such as a 36-foot clear height and 110 dock-high doors. Modlo Air Logistics Center will be constructed on a 23.4-acre site at 7777 NW 41st St. in an irreplaceable location in Doral, a suburb 14 miles west of downtown Miami. The site is within Miami’s Airport West Industrial submarket and near critical infrastructure, including Miami International Airport, Interstates 95 and 75 and both Port Miami and Port Everglades.
As one of the fastest-growing markets in the southeast with more than 2.6 million residents, The Miami-Dade industrial market is showing no signs of slowing down. Demand has consistently outpaced net deliveries over the past few quarters, and the metro’s vacancy rate has fallen to a decade low of 3 percent. Vacancies in the Airport West Industrial submarket have also compressed steeply and sit at 4 percent. Significant demand has bolstered landlord and developer confidence to continue to push asking rates in the Airport West Industrial submarket to the historical level of $16.45 per square foot, among the highest in the Miami-Dade Industrial market.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Managing Director Bill Fishel, Managing Director Melissa Rose and Analyst Maddy McMillen.
“The stellar location of the asset in Airport West coupled with surging leasing demand and best-in-class sponsorship in Modlo resulted in a seamless execution on the construction financing,” Rose said.
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