The South Dallas industrial submarket continues to attract demand from tenants and investors alike. Recently, a joint venture between Greenwich, Conn.-based Grandview Partners and TRG Development obtained nearly $100 million in financing for Core45, a 1.64-million-square-foot industrial park in Wilmer, Texas.
Benefit Street Partners provided the loan that will be used to refinance existing debt acquired by the property in December 2021. The deal was arranged by a Cushman & Wakefield team comprised of Rob Rubano, Brian Share, Michael Zelin, Max Schafer, Billy Coyle and Nikola Kretschmann. Jim Carpenter, Jud Clements, Robby Rieke and Trevor Berry also assisted the transaction.
Core45 — a state-of-the-art industrial development — is strategically located at 1690-1700 East Pleasant Run Road, less than one mile from the Union Pacific Intermodal Dallas Terminal. Situated within the Interstate 45 corridor and approximately 20 miles southeast of downtown Dallas, the park offers easy access to major transportation routes.
The development comprises two modern buildings that were designed to meet the highest industry standards: Building 1 offers 616,068 square feet with 110 dock doors, 151 trailer parking spots and 306 employee parking spaces. Building 2 provides 1,027,068 square feet with 186 dock doors, 252 trailer parking spots and 594 employee parking spaces. Both buildings offer flexible design options, including build-to-suit office space, cross-dock configurations and 40-foot clear heights. Tenants can also secure the premises and truck courts with fencing and guard shacks.
Currently, 18% of the space is pre-leased to Owens Corning, a leading provider of roofing, insulation and composite materials.
“The Core45 development exemplifies the type of high-quality, strategically located assets we seek to finance,” said Brian Buffone, managing director at Benefit Street Partners.
Wilmer, the location of Core45, has emerged as a significant industrial hub. Specifically, its proximity to interstates 45 and 20 has attracted major distribution centers from companies like Amazon; Unilever; Sprouts Farmers Market; Proctor & Gamble; Whirlpool; Ace Hardware; and Medline.
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