Properties
Dragonfly Commerce Park
Lease-Up3400 Enterprise Way · Port St. Lucie, FL · Industrial · Dragonfly Industrial Holdings
Value
$30.3M
Basis
$22.4M
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
Readiness scores
Sale54/100
Refinance71/100
Blocking readiness
- •Bldgs 3–4 not yet leased
- •Estoppels missing (2 tenants)
- •Updated appraisal required
Alerts
- Seacoast loan matures in 124 days — DSCR 1.18 below 1.20 covenant
- Rate cap on Commerce Park loan expires Oct 15