JLL Arranges $66.8M Refinancing for Foundry Commercial and Stockbridge's South Florida Gateway Industrial Development
JLL Capital Markets has arranged $66.8 million in floating-rate refinancing for South Florida Gateway, a newly delivered 987,184-square-foot Class A industrial development in Stuart, Florida. JLL worked on behalf of the borrowers, Foundry Commercial and Stockbridge Capital Group, to secure the loan for the two-building property at 2400–2450 S.W. Gateway Place.
Property and Building Details
South Florida Gateway sits on a 66.4-acre site in the Martin Inland submarket of Port St. Lucie. The development comprises two recently delivered buildings with a combined footprint approaching 1 million square feet.
Building One, located at 2450 S.W. Gateway Place, offers 285,510 square feet of rear-load warehouse space with 32-foot clear heights, 60 dock doors and two drive-in ramps. Building Two, at 2400 S.W. Gateway Place, encompasses 701,674 square feet of cross-dock distribution space with 36-foot clear heights, 120 dock doors and four drive-in ramps. Building Two was delivered in 2023, followed by Building One in 2024.
The property is currently 19% occupied, representing approximately 187,565 square feet. A tenant in the industrial manufacturing sector — Power Systems, a gas-turbine-parts manufacturer and service provider affiliated with Hanwha Impact — signed a 10-year lease for approximately 185,000 square feet at the project, a deal valued at more than $22 million. The remaining space, including the bulk of Building Two and substantial availability in Building One, is being marketed for lease.
The implied loan amount equates to approximately $67.67 per square foot based on the $66.8 million loan and the 987,184-square-foot collateral.
Location and Logistics Advantages
South Florida Gateway provides direct access to Interstate 95 within five minutes, positioning tenants to reach more than 6 million customers within a two-hour drive. The property's location between Miami and Orlando connects to Florida's Turnpike and six major international airports, along with four major ports that collectively handle more than 50 million tons of cargo annually. Within a four-hour drive, the facility provides access to more than 20 million residents, representing 89% of Florida's population.
The project is part of a larger master-planned industrial campus expected to total approximately 1.2 million square feet across four buildings. The first two buildings were delivered ahead of schedule.
JLL Capital Markets Team
The JLL Capital Markets team was led by Senior Managing Director Melissa Rose and Senior Director Michael DiCosimo, along with Associates Michael Romero and Nicole Diaz.
Market Context
The refinancing comes as the Port St. Lucie industrial market carries elevated availability. Market vacancy in the area stands at approximately 11.9%, with average asking rents of approximately $13.54 per square foot on a net basis. Port St. Lucie currently has the highest industrial vacancy among the 12 Florida markets tracked by industry observers, compared with 3.8% in Melbourne and 9.4% in Jacksonville.
The elevated vacancy creates leasing risk for a project with more than 800,000 square feet still available, but it also positions the submarket to attract large occupiers seeking modern, high-clear-height space at rents below those in South Florida's core logistics markets. The floating-rate loan structure may provide Foundry Commercial and Stockbridge Capital Group with flexibility during the lease-up period.
Foundry Commercial is a Sun Belt-focused commercial real estate company with more than 5,000 associates operating across 12 markets, providing leasing and management on more than 77 million square feet and approximately 5,400 senior-housing units. The company's development and investment platform has completed more than $7 billion of transaction volume. Stockbridge Capital Group reported approximately $27.4 billion of assets under management as of June 30, 2026, with an emphasis on residential and industrial assets across the United States.
JLL's Capital Markets group operates globally with more than 3,000 specialists in offices across nearly 50 countries.