Dealmaker: Phillips Realty Capital Structures $58M for Florida Industrial Portfolio

Phillips Realty Capital, Bethesda, Md., closed a $57.5 million bridge loan for a four-property, 740,400-square-foot industrial portfolio in Miami and Tampa, Fla.

PRC represented private equity firm HighBrook Investors, New York. Miami-based Rialto Capital Management LLC supplied the first-lien financing. The PRC team that sourced and structured the financing included Managing Director Malcolm Shaw, CEO Steve Shaw, Underwriting Director Harmon Handorf and Production Analyst Finn Dunne.

The portfolio included three buildings in Miami and one in Tampa that HighBrook acquired in an off-market transaction. The Miami properties, 3455 NW 54th Street, 5400 NW 32nd Court and 5530 NW 32nd Court, total 306,000 square feet in the city’s Hialeah submarket. Rail-served by CSX freight trains, the Hialeah assets have frontage on NW 54th Street, Hialeah’s major east-west thoroughfare, two miles northeast of Miami International Airport.

The 434,000-square-foot Tampa warehouse at 6708 Harney Road in Tampa’s East Tampa submarket is also rail-served by CSX freight trains. 6708 Harney Road is one mile northwest of Interstate 4 and six miles from the Port of Tampa. The property also includes 13.2 acres of vacant land entitled for industrial development.

Loan proceeds represented initial acquisition financing with funds for capital expenditures and leasing reserves.

The acquisition represented HighBrook’s second industrial investment in Florida since opening its West Palm Beach office in 2019.