JLL Arranges $213M Refinancing for Eight-Property Industrial Portfolio With PGIM Real Estate
JLL Capital Markets announced Aug. 3 that it arranged $213 million in refinancing for a portfolio of eight Class A industrial buildings totaling 2.2 million square feet across five U.S. markets. JLL worked on behalf of the borrower to secure the loan through PGIM.
The cross-collateralized financing featured both fixed- and floating-rate tranches, offering the borrower structural flexibility. The portfolio spans the Chicago, Orlando, Philadelphia, Sacramento and Washington, D.C. markets and is 98% leased to 12 tenants, including PODS, Freeman Expositions, Primark and US Foods.
Portfolio Overview and Property Details
The eight-building portfolio carries an average clear height of 31 feet and an average year built of 2015, reflecting the institutional-quality, modern logistics profile that has drawn consistent lender and investor interest in recent years.
Named properties in the portfolio include 17600 Shideler Parkway in Lathrop, California, situated within the Northern California logistics corridor that serves Bay Area and Interstate 5 distribution demand. Three buildings — Bent Oak Industrial Park Buildings 600, 700 and 800 — are located in Orlando, Florida, a Sun Belt market that has posted sub-5% industrial vacancy in recent quarters driven by population growth and consumer demand.
In the Philadelphia region, 2485 Commerce Center in Bethlehem, Pennsylvania, sits within the Lehigh Valley logistics hub, which offers direct access to Interstate 78 and proximity to the New York and New Jersey consumer base. The Lehigh Valley has consistently ranked among the top East Coast big-box logistics markets, with low vacancies and robust net absorption driven by e-commerce, retail and food distribution activity.
Two additional buildings — Manassas Logistics Center Buildings A and B — are located in Bristow, Virginia, within the Washington, D.C. metropolitan area's Western Prince William County industrial corridor. Northern Virginia industrial space has seen tight vacancies and rising rents as occupiers compete for limited modern warehouse stock. The portfolio's Chicago-area presence is represented by 900 Windham Parkway in Romeoville, Illinois.
JLL and PGIM Real Estate Teams
JLL's Capital Markets Debt Advisory team representing the borrower was led by Senior Managing Director John Rose, Vice President Ryan Pollack, Associate Jordan Buck and Analyst Shishir Reddy. Senior Managing Director Chad Orcutt, Managing Directors Rob Carey and Lucas Borges, and Directors Taylor Gimian and Wells Waller provided additional support.
On the lender side, Mike Catalano, Campbell Schultz and Josh Horner at PGIM Real Estate worked with the JLL team to facilitate the portfolio financing.
Market Context for Industrial Refinancing
The transaction reflects continued lender appetite for modern, well-leased logistics assets in supply-constrained U.S. markets. The portfolio's 98% occupancy rate, 2015 average vintage and 31-foot average clear height align with the specifications that institutional lenders have favored as interest rate and cap-rate dynamics have shifted.
The use of both fixed- and floating-rate tranches within a single cross-collateralized structure provides borrower flexibility across a geographically diversified portfolio. Industrial and logistics assets have remained a favored sector among institutional investors and lenders, supported by sustained occupational demand and rental growth in markets including Lehigh Valley, Northern Virginia, Orlando and the Northern California logistics corridor.
About the Firms
JLL Capital Markets is a global provider of capital solutions for real estate investors and occupiers, with more than 3,000 specialists worldwide and offices in nearly 50 countries. JLL reported annual revenue of $26.1 billion and operates in over 80 countries with a global workforce of more than 112,000 as of June 30, 2026.
PGIM Real Estate is part of PGIM, the global asset management business of Prudential, Inc. (NYSE: PRU). PGIM manages $1.4 trillion in assets under management across public and private asset classes, with more than 1,500 investment professionals across 40 offices in 20 countries.