JLL Capital Markets announced today that it has arranged $14.4 million in acquisition financing for a four-building, 649,361-square-foot manufacturing and distribution facility at 4040 Forest Lane in the Dallas-Fort Worth community of Garland, Texas.
JLL worked on behalf of the borrower, Lightstone, to place the seven-year, fixed-rate loan with RGA Reinsurance Company. Lightstone closed on the acquisition in October 2020, and JLL arranged for the financing to fund in January.
Originally constructed in 1960, the buildings were renovated most recently in 2016 and feature clear heights ranging from 12 to 40 feet, 40 loading docks, 18 overhead doors, six drive-in doors, low office finish and substantial truck and vehicle parking. The facility is 97 percent leased to five tenants in the retail and logistics industries.
The property is situated on 47 acres in the NE Dallas/Garland Industrial submarket, which is rapidly evolving into a target for modern logistics users due to its highly coveted infill location. The facility is in the northeastern part of the Dallas-Fort Worth MSA between multiple freeways, including Interstates 30 and 635, U.S. Highway 75 and the President George Bush Turnpike, which allows for exceptional regional connectivity and access to major distribution channels
The JLL Debt Placement team that represented the new owner included Managing Director Peter Rotchford, Senior Director Cullen Aderhold, Vice President Alex Staikos and Analysts Ross Crawford and Bo Beidleman.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lightstone
Lightstone, founded by David Lichtenstein, is one of the largest and most diversified privately held real estate companies in the United States. Lightstone is active in 24 states across the country, developing, managing and investing in all sectors of the real estate market, including residential, hospitality, commercial, and retail. With over 127 existing properties, Lightstone’s over $6.5 billion portfolio currently includes over 4 million square feet of office, retail and industrial commercial properties, over 15,000 residential units, and over 4,100 hotel keys. Lightstone also owns over 12,000 land lots across the country.
Headquartered in New York City, Lightstone continues to grow its development portfolio with over $3.5 billion currently under development in the residential and hospitality sectors spread across New York City, Los Angeles and Miami.
