MIAMI, June 13, 2024 - JLL Capital Markets announced today that it arranged a $30.1 million construction loan for the development of Phase IV of Carrie Meek International Business Park ('Meek Phase IV'), a two-building, Class A industrial project in Opa-Locka, Florida.
JLL worked on behalf of the borrower, a joint venture between Foundry Commercial and Clarion Partners, to secure the three-year construction loan through a national bank.
The project sits on 21.38-acres of the 122-acre Carrie Meek International Business Park and is subject to a ground lease with the Opa Locka Executive Airport in North Central Miami-Dade County, Florida. The property has easy access to major interstates, including Interstate 95, the Florida Turnpike and Interstate 35, providing connectivity throughout Southern Florida and beyond. Miami is widely considered one of the country's strongest industrial markets due to intense land constraints and robust tenant demand.
Meek Phase IV will feature 374,000 square feet of Class A industrial product, constructed across 179,000-square-foot and 194,000-square-foot buildings - both 248-foot, deep rear-load with 36-foot clear heights and approximately 3.0% office finish. The building sizes are suited for various single-tenant users as well as highly complementary to multi-tenant strategies.
The JLL Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director Melissa Rose, Senior Managing Director John Rose and Associate Maddy McMillen.
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 13 June 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 13 June 2024 13:04:44 UTC.
