Suburban Dallas Industrial Park Gets $10M Refi
- Jun 10, 2020
Cohen Asset Management has received a $10 million loan for Pinnacle Business Center, a 181,050-square-foot industrial property in Dallas. National Life provided the 10-year, fixed-rate mortgage. JLL assisted the borrower in securing the financing package.
The new note replaces a $7.4 million acquisition loan from Nationwide, taken in 2015 when the owner purchased the three-building industrial park from Bradford, Yardi Matrix shows. JLL Senior Managing Director Paul Brindley, Director DJ Meagher and Analyst Dillon Donald arranged both the current and prior mortgages for the borrower.
Located on 13 acres at 1444 N. Cockrell Hill Blvd., 4310 Adler Drive and 4305 Pinnacle Point Drive, the industrial park was built in 2004. The warehouses have clear heights between 24 and 28 feet, 51 dock doors, nine ramp access entries and office components. At the time of the deal, the buildings were fully leased to 12 tenants. The property is a quarter mile from Interstate 30 and 6 miles west of downtown Dallas.
Last summer, Cohen Asset Management paid $36.7 million for Tolleson Logistics Center, a 329,000-square-foot industrial property in suburban Phoenix. Cushman & Wakefield assisted the seller, Trammell Crow Co.