JLL’s capital markets team 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.