MDH Partners Gets $49M Loan for Texas Industrial Portfolio
- Apr 09, 2021
MDH Partners has received $48.6 million in post-acquisition financing for a four-building, 505,719-square-foot industrial portfolio in Dallas and San Antonio. JLL secured the three-year, floating-rate loan with a national bank. In November, MDH also worked with the brokerage to arrange $84.3 million in financing for the purchase of six properties.
The fully-leased Texas portfolio includes two cold storage facilities located at 3551 Dan Morton Drive in Dallas and 2001 S. Laredo St. in San Antonio. MDH acquired the assets in January via a sale-leaseback deal with Surlean Foods.
Demand for cold storage has been on the rise in recent years due to an increase in online grocery sales. The coronavirus pandemic led to an even faster expansion in online shopping, which boosted demand for climate-controlled warehouse space. In December, Cold Summit Development broke ground on Cold Summit Dallas, a 343,000-square-foot cold storage facility set to open this fall.
The remainder of the portfolio includes Shiloh Commerce Center, a two-building asset located at 600-640 Shiloh Road in Plano. Built in 2001, the Class A facility is fully leased to three tenants.
JLL’s team included Senior Managing Director Christopher Drew, Director Maxx Carney and Associate Reid Carleton. Senior Managing Director Jeremy Womack and Director Jarrod McCabe provided Dallas and San Antonio market insight. In January, McCabe arranged a five-year, fixed-rate, non-recourse loan for the buyer of a three-building industrial portfolio in the Metroplex.