MIAMI, May 2, 2023 - JLL Capital Markets announced today that it has arranged $26.6 million in construction financing and $13 million in joint venture equity for the development of Tampa Cold Logistics, a 108,554-square-foot cold storage facility in Tampa, Florida.
JLL represented the borrower, Sansone Group, in securing the three-year, floating-rate loan through a local bank. In addition, JLL arranged the joint venture equity partnership with BentallGreenOak.
Once completed Tampa Cold Logistics will feature 45' clear heights, 11,666 pallet positions, -10ºF to 34ºF temperature capabilities and 17 dock doors with a freon split cooling system due to the strategic multi-tenant configuration.
The site is located on 7.27 acres at 3601 East 3rd Ave., two miles from downtown Tampa and Port Tampa Bay. The property's proximity to major thoroughfares, including Interstates 4, 275, 75 and Selmon Expressway/FL-618, will allow future tenants to reach 9.3 million residents within a two-hour drive. Additionally, the property is adjacent to the CSX railway, 2.7 miles from the CSX Intermodal Tampa terminal and 11 miles from the Tampa International Airport.
The JLL Capital Markets Debt Advisory team was led by Senior Managing Director John Huguenard, Managing Directors Luis Castillo and Melissa Rose and Director Michael DiCosimo.
"Due to the best-in-class sponsorship in Sansone, Mandich and BGO, alongside an infill Tampa location, we were able to build a strong market of lenders amidst a turbulent capital markets environment," said Rose. "The demand for modernized cold storage space managed by skilled operators in this market is incredibly strong, substantiating speculative development."
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.
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Jones Lang LaSalle Inc. published this content on 02 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 May 2023 04:27:29 UTC.
