MORRISTOWN, N.J., June 17, 2024 - JLL Capital Markets announced today that it arranged $24 million in financing to recapitalize Silver Star Commerce Center, an eight-building, shallow-bay industrial park totalling 254,915 square feet in Orlando, Florida.
JLL worked on behalf of the borrower, a joint venture between Denholtz Properties and Long Wharf Capital, and secured the loan from Webster Bank.
Silver Star Commerce Center is currently 95 percent occupied by 29 tenants spanning various industries, including construction, manufacturing, transportation and warehousing and utilities. The portfolio features ceiling heights between 18 and 20 feet along with 69 loading docks, 20 drive-in doors and a total of 508 parking spaces.
The portfolio is located at 3600-3802 Silver Star Rd. and 3717-3763 Mercy Star Ct. Silver Star Commerce Center is in Northwest Orange County, which is one of the fastest growing submarkets in Central Florida within the Orlando Market, which currently exhibits an overall vacancy of 6.1%.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Directors Jon Mikula, Michael Klein and Melissa Rose, Associate Salvatore Buzzerio, and Analyst Jovanni Rodriguez.
"Shallow-bay industrial continues to perform well with consistent rent growth and demand," said Mikula.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 17 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 June 2024 22:52:35 UTC.
