JLL Lands Financing, Leasing Deal for 1.4 MSF Dallas-Area Industrial Park
- Aug 13, 2020
JLL has pulled triple duty at Intermodal Commerce Park project in Haslet, Texas. The firm recently secured both debt and an equity partnership on behalf of Gruene Real Estate Partners and Weber & Co., developers of the 1.4 million-square-foot suburban Dallas-Fort Worth project and signed on to spearhead marketing and leasing of the multi-structure property as well.
Intermodal will sprout up on an 82-acre site that will be connected via Intermodal Drive to the neighboring BNSF Alliance Intermodal Hub roughly 1.5 miles to the north. The RGA Architects-designed Class A+ property, which will consist of one front-load building and two-cross-dock facilities, will sit within hours’ reach of more than 25 million people.
JLL arranged debt for Intermodal through First United Bank, which provided the developers with a five-year construction loan. JLL also completed the financing package by orchestrating a joint venture equity partnership with a private real estate fund advised by Crow Holdings Capital.
Neither JLL nor the other parties involved in the financing have disclosed the monetary details of the transactions. However, according to a document from the Texas Department of Licensing and Regulation, at least a portion of the project carries cost of approximately $42.7 million.
Dustin Volz, John Rose, Stephen Bailey and Wells Waller of JLL Capital Markets represented Weber-Gruene in the financing arrangements and now leave the firm’s George Curry, Jamie Galati and Blake Rogers to handle leasing activity for Intermodal. The industrial park is on schedule to deliver in July 2021.
The Dallas-Fort Worth area led the nation in the industrial real estate construction and deliveries in the first half of 2020 and it was also at the forefront in absorption, which totaled more than 13.1 million square feet in the first six months of the year, according to a report by JLL. And with a vacancy rate of 7.5 percent in the second quarter, the market remains notably below the long-term average of 8.5 percent. Presently, there’s no evidence afoot of any shift in momentum. “As both tenants and landlords navigate the changing landscape, existing and new deals continue,” JLL’s report states.
On the development side, JLL has been highly active in assisting borrowers with industrial projects in the Dallas-Fort Worth area. Just last week, the firm’s Capital Markets team announced it had landed financing for Bandera Ventures’ 956,000-square-foot development and secured Invesco as an equity partner.