Properties
Dragonfly Commerce Park
Lease-Up3400 Enterprise Way · Port St. Lucie, FL · Industrial · Dragonfly Industrial Holdings
Value
$30.3M
Equity
$12.8M
NOI
$1.8M
Occupancy
62%
Debt
$17.5M
Cap rate
6.1%
Business plan
Four-building Class-A industrial park; Bldgs 1–2 leased with COs, 3–4 in lease-up. Refinance construction loan on stabilization; hold for cash flow.
Strategy
Lease-up & stabilize (Bldgs 3–4 delivering)
Hold period
5–7 yrs
Acquired
Feb 14, 2023
Square footage
312,000 SF
Asset manager
J. Morjain
Lender
Seacoast Bank
Sale readiness
54/100 — what costs points & what raises it
Sale54/100
| Area | Score | Issue |
|---|---|---|
| Leasing | 12/25 | Buildings 3–4 remain vacant (62% occupied) · A. Reyes |
| Debt | 14/20 | Refinance/extension not executed; DSCR 1.18 < 1.20 · J. Morjain |
| Financials | 15/20 | June close incomplete · Finance |
| Legal | 8/20 | Two tenant estoppels missing · Legal |
| Valuation | 5/15 | Updated appraisal required · A. Reyes |
Closing the top 3 gaps (leasing, legal, valuation) is projected to raise readiness from 54 to 89.
Alerts
- Seacoast loan matures in 124 days — DSCR 1.18 below 1.20 covenant
- Rate cap on Commerce Park loan expires Oct 15