Lovett Industrial landed a construction loan to convert a former call center in Addison into an industrial complex.
The Houston-based firm, which is partnering with Dallas-based Rosewood Property Company on the project, secured a five-year, floating-rate loan from First United Bank and Trust Company. The deal was arranged by JLL Capital Markets’ Jarrod McCabe. Brandon Brewer led the deal team for First United Bank. The amount of the debt wasn’t disclosed.
Addison Innovation Center is a 12-acre site featuring a 140,000-square-foot building, which will be converted into a warehouse. The developers are building a second warehouse, which will span 100,000 square feet. The buildings allow for leases as small as 25,000 square feet.
The site, at 16675 Addison Road, provides easy access to the Addison Airport and the Dallas North Tollway.
The property was built in 1996 and was once used by a loan servicing firm, the Dallas Morning News reported.
Dallas-Fort Worth is one of the largest industrial real estate markets in the country. Recently, the flurry of industrial development in the Metroplex has resulted in a flooded sublease market. Fourteen million square feet of industrial sublease space was available at the end of last year, according to Newmark. Across the country, more than 150 million square feet of warehouse space is up for grabs.
In December, vacancy in the DFW industrial market climbed to 8.7 percent, up from 5.4 percent a year before, according to Partners Real Estate.
Lovett is an industrial real estate developer that is active in 13 metros across the country. The firm has seven properties throughout the Metroplex, including Lovett 35 Logistics Park, adjacent to Fort Worth Alliance Airport.
Rosewood Property Company invests in land as well as commercial and industrial properties. It’s a subsidiary of Rosewood Corporation, which was founded in 1976 by the Caroline Hunt Trust Estate.
