JLL Capital Markets has arranged $66.8 million in floating-rate refinancing for South Florida Gateway, a nearly 1-million-square-foot industrial development in Stuart, Florida. The newly delivered, two-building property is owned by Foundry Commercial and Stockbridge Capital Group and sits near Interstate 95, with regional access across South Florida and beyond.
Key takeaways
- JLL arranged $66.8 million in refinancing for South Florida Gateway.
- The 987,184-square-foot development occupies 66.4 acres in Stuart.
- A manufacturing-sector tenant occupies 19% of the property.
- The site offers access to Interstate 95 and major Florida markets, ports and airports.
The financing is a floating-rate loan secured on behalf of the property’s owners, Foundry Commercial and Stockbridge Capital Group. JLL did not disclose the lender or additional loan terms in its announcement.
Two buildings designed for distribution
South Florida Gateway comprises two recently delivered Class A industrial buildings. Building One has 285,510 square feet of rear-load warehouse space, 32-foot clear heights, 60 dock doors and two drive-in ramps. Building Two totals 701,674 square feet and is configured for cross-dock distribution, with 36-foot clear heights, 120 dock doors and four drive-in ramps.
The development is in the Martin Inland submarket of Port St. Lucie. It is 19% occupied by a tenant in the industrial manufacturing sector, according to JLL.
Regional transportation access
The property is within a five-minute drive of Interstate 95. JLL says that location puts more than 6 million customers within a two-hour drive and provides connections to Florida’s Turnpike, six international airports and four major ports. Those ports collectively handle more than 50 million tons of cargo annually, the company said.
Within a four-hour drive, the site can reach more than 20 million residents—about 89% of Florida’s population. Its position between Miami and Orlando gives the development a broad potential reach across the state.
JLL team
The JLL Capital Markets team was led by Senior Managing Director Melissa Rose and Senior Director Michael DiCosimo, with Associates Michael Romero and Nicole Diaz. The firm said its Capital Markets group provides financing and other real estate capital services to investors and occupiers.