- Seagis Property Group secured $184.2M in refinancing for two industrial portfolios totaling 1.5M SF in Miami-Dade and Northern New Jersey.
- The assets are 100% leased to a diverse group of tenants, benefiting from proximity to major transport infrastructure.
- JLL arranged the loans through a life insurance company, continuing its long-standing financing relationship with Seagis.
A Strategic Refinance
According to Commercial Search, Seagis Property Group refinanced two fully leased industrial portfolios in Miami-Dade County and Northern New Jersey. The firm secured a total of $184.2M through separate loans arranged by JLL via a life insurance company. Together, the assets span 1.5M SF in high-demand logistics markets.
South Florida Stronghold
The Miami-Dade portfolio received an $87.7M loan. It includes seven buildings near Miami International Airport and Port of Miami, totaling 787,728 SF. The 41 tenants span industries such as logistics, retail, pharmaceuticals, packaging, and telecommunications. The location continues to attract companies needing access to Latin America and the southeastern US. This industrial portfolio is fully leased and located in one of the most in-demand logistics corridors in the region.
Northern New Jersey Infill Advantage
Seagis also locked in $96.5M to refinance six buildings totaling 773,433 SF in Northern New Jersey. Nine tenants occupy these properties, working in logistics, apparel manufacturing, and food distribution. Located in Meadowlands and Ports submarkets, the sites offer direct access to New York City and Port Newark-Elizabeth—two vital logistics hubs.
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Ongoing Capital Strategy
Based outside Philadelphia, Seagis owns nearly 13M SF across 200 industrial buildings in New York City, New Jersey, and South Florida. The firm has been actively refinancing to capitalize on demand in core markets. In April 2024, it refinanced a 224,900 SF warehouse in Newark with an $81M loan. Earlier in the year, Seagis secured $122M for a 1.1M SF tri-state portfolio.
Market Fundamentals Remain Solid
Northern New Jersey finished 2024 strong, with two quarters topping 12M SF in leasing activity. In Q1 2025, leasing hit 7.3M SF, enough to outpace Central Jersey for the first time in over a year. With only 942,536 SF of new construction starting, availability rates remain stable.
In Miami-Dade, tenants signed or renewed leases for 2M SF in Q1 2025. JLL expects rents to continue rising despite a wave of upcoming completions. While vacancy rates may temporarily increase, strong fundamentals should support market stability through the year.
Why It Matters
Seagis’s refinancing highlights investor confidence in key logistics markets. With infill locations and full occupancy, its industrial portfolio is positioned to benefit from continued e-commerce and supply chain demand.
What’s Next
Investors will likely continue targeting Class A industrial properties, especially in markets with limited land and strong infrastructure. As construction slows, properties in prime locations should see rising rents and demand.
