JLL Capital Markets has arranged financing for the development of Addison Innovation Center in Addison, Texas, a suburb of Dallas.
The 12.2-acre site currently consists of a 140,698-square-foot office building that will be converted to industrial alongside a new 101,364-square-foot, rear-load industrial facility.
JLL represented the borrower, Lovett Industrial, and secured the five-year, floating-rate loan through First United Bank and Trust Company.
Building 1, an existing 140,698-square-foot flex office building with 31-foot clear heights, will be converted to a Class-A warehouse facility with dock-high loading capabilities.
Building 2 will be a newly constructed 101,364-square-foot warehouse featuring Class-A specifications and dock-high loading capabilities.
The practical design of the buildings allows for tenant suites ranging from 25,000 square feet to full-building users. Additional highlights of Addison Innovation Center will include a 190-foot shared truck court, excess auto parking, amenity areas and surplus power to the site.
Lovett is partnering with Rosewood Property Company, a Dallas-based real estate investment firm, to develop Addison Innovation Center.
The site is located at 16675 Addison Road, and benefits from an incredibly infill and central location within Addison, a northern suburb of Dallas with high barriers to entry. The site is also strategically positioned next to Addison Airport and has direct visibility to the Dallas North Tollway, providing prospective tenants immediate access to DFW’s major thoroughfares.
The JLL Capital Markets team was led by Senior Director Jarrod McCabe.
The First United Bank deal team was led by Senior Vice President Brandon Brewer, in the Commercial Real Estate Group.
