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New Texas Industrial Development Refinanced with $100 Mil Take-Out Loan

10/29/24

A joint venture between Grandview Partners and TRG Development has obtained $99.8 mil of financing for a newly constructed industrial park totaling approximately 1.64 msf in Wilmer, TX, a suburb of Dallas. Known as Core45, the development site was originally acquired in late 2021 with the completed project delivered in summer 2024. It is 18% pre-leased to Owens Corning, an Ohio-based provider of roofing, insulation and composite materials.

Comprising two industrial, manufacturing and distribution buildings, the property sits on just over 88 acres along the heavily traversed I-45 corridor within the coveted South Dallas submarket, one of the fastest growing industrial markets in the Dallas MSA with efficient access to metro Dallas and major distribution hubs across the U.S. The property is also less than one mile from the Union Pacific Intermodal Dallas Terminal, offering tenants seamless access to nationwide rail distribution.

Core45’s two state-of-the-art industrial buildings of 616.4k sf and 1.03 msf, are designed to meet the needs of modern industrial users including ideal truck courts, ample auto and trailer parking (900 auto stalls), 40’ clear heights, approximately 4k sf of speculative office space, ESFR sprinklers, and cross dock loading. The buildings are designed with flexibility to accommodate a wide range of tenant sizes, including multi-tenant or full-building users. Each building can be reconfigured for tenants seeking spaces of 300k sf or more, enabling the property to attract a wide range of tenant types and size requirements.

The refi loan provided by Benefit Street Partners was used to take-out the construction loan at more favorable terms. It was arranged by a Cushman & Wakefield Equity, Debt and Structured Finance team led by Rob Rubano, Brian Share, Michael Zelin, Max Schafer, Billy Coyle, and Nikola Kretschmann. Additionally, the firm’s Industrial Advisory Group led by Jim Carpenter, Jud Clements, Robby Rieke, and Trevor Berry provided local market advisory.

“The premier South Dallas industrial submarket continues to experience some of the strongest tenant demand and net absorption among all Dallas-Fort Worth industrial submarkets. South Dallas has been subject to elevated levels of new industrial supply in recent years, but that trend is reversing due to emerging barriers-to-entry in the submarket driven by surging demand from well-capitalized data center users voraciously acquiring vacant land sites in the area,” said Rieke.





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