Florida Warehouse Portfolio Secures $180M PGIM Loan – Commercial Observer

As part of a major industrial portfolio sale last month, PGIM provided a $180.2 million loan for a 26-building warehouse deal with real estate titan Blackstone (BX).

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The portfolio spans 1.4 million square feet across Miami-Dade, Broward and Palm Beach counties.

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Brian Linnihan, Mike Ryan, Richard Henry and JP Cordeiro with CBRE (CBRE) Capital Markets’ debt and structured finance team in Atlanta represented the sponsor, Boston-based Longpoint Partners. PGIM provided the five-year, fixed-rate, interest-only loan.

Longpoint paid Blackstone $330 million for the portfolio of light industrial properties in infill locations. The 26 properties in the portfolio had a combined 76 tenants and an overall occupancy of 97 percent at the time of sale. The buildings were built between 1964 and 2003.

“The portfolio boasts strong occupancy and favorable remaining lease terms in a region with widening supply-and-demand gap,” Linnihan, vice chairman with CBRE in Atlanta, said in a statement.

The portfolio includes Sunshine State Industrial Park in Miami Gardens, made up of 10 buildings at 1111 NW 165th Street, 1600 A-B NW 159th Street, 1605-1365 NW 159th Street, 955 NW 159th Drive, 16401-16501 NW Eighth Avenue and 1300-1460 NW 167th Street.

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Also in the portfolio are Miami Lakes Research & Industrial Park in Miami Lakes, made up of seven buildings at 14600-14740 NW 60th Avenue; and Hollywood Park in Hollywood, made up of six buildings at 3700 North 29th Avenue Buildings 1 & 2, 3401 North 29th Avenue, 2860-2872 Pershing Street, 3601-3613 North 29th Avenue and 5555 Anglers Avenue.

Rounding out the portfolio are single-building sites at 4801 Johnson Road in Lyons Tech Center II in Coconut Creek, at 430 South Congress Avenue in Delray Distribution Center in Delray Beach, and at 1335 West 53th Street in Mangonia Park in West Palm Beach.

PGIM could be ramping up for another nationwide lending spree. In the past couple of months, the firm has also provided a $120 million acquisition loan for a Jacksonville industrial portfolio, a $74 million refinance for a new multifamily building in Virginia, and a $171 million refinancing package for a 1.2 million-square-foot portfolio of grocery-anchored retail spaces across the Southeastern U.S.

Jeff Ostrowski can be reached at [email protected].