Miami, FL – August 24, 2015 – (RealEstateRama) — CBRE Capital Markets’ Debt & Structured Finance originated $5.5 million in refinancing for Gardens Industrial, a 111,100-square-foot asset located on 5.2 acres at 18227-18255 & 18331-18389 NE 4th Court in North Miami Beach, Florida.
CBRE’s Jason Hochman arranged the non-recourse loan from Lincoln Financial Group on behalf of Genet Property Group. The loan has a 12-year term with a fixed rate well below 4.0%, and a 25-year amortization period.
“This small-bay industrial property in Miami is well managed and has had strong occupancy for the last 10 years,” said Mr. Hochman, Vice President, CBRE Debt & Structured Finance. “It was almost 100% occupied at closing, and rents have been climbing monthly. We found a lender that we trusted would close on deadline and also provide a low long-term rate. Our client was pleased with the lender’s performance and this is the lowest interest rate in his portfolio of properties.”
Gardens Industrial consists of four small-bay industrial buildings with 47 suites ranging in size from 500 to 9,000 square feet. Constructed between 1976 and 1990, the property is situated near the Golden Glades Interchange, at the convergence of I-95, Florida’s Turnpike, and Palmetto Expressway and US 441. Its location off Miami Gardens Drive caters to the affluent and densely populated city of Aventura, while also providing efficient access to most of the South Florida region.
The Gardens Industrial property was acquired by Genet Property Group in 2005. This loan refinances the prior CMBS loan which was set to expire. Genet is a South Florida-based owner/operator of office, retail, industrial, flex and multifamily properties, with roughly 1.5 million square feet of space for rent in Cutler Bay, Davie, Delray Beach, Lauderhill, North Miami Beach, Pompano Beach, Plantation, Sunrise and Tamarac.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2014 revenue). The Company has more than 52,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 370 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
elizabeth.cross (at) cbre (dot) com
melinda.sherwood (at) cbre (dot) com