Cushman & Wakefield served as the exclusive advisor to the joint venture of Grandview Partners and TRG Development in the procurement of $99.8 million of financing for a newly constructed industrial park totaling approximately 1.64 million square feet in Wilmer, Texas, a suburb of Dallas.
Known as Core45, the project delivered in Summer 2024. Current ownership had acquired the ±88.4-acre site in December 2021 and commenced construction on the property in March 2022. The refinancing loan provided by Benefit Street Partners was used to take-out the construction loan at more favorable terms.
Comprising two industrial, manufacturing and distribution buildings, the property is strategically located 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 18% pre-leased to Owens Corning, an Ohio-based provider of roofing, insulation and composite materials.
The Cushman & Wakefield Equity, Debt and Structured Finance team was 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.
Core45’s two state-of-the-art industrial buildings of 616,449 sf and 1,027,630 sf 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 4,000 square feet 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 300,000 sf or more, enabling the property to attract a wide range of tenant types and size requirements.
