Dallas, TX January 5, 2022 - Essex Financial Group (“Essex”) arranged a $21.4
million bridge loan for TT Logistics F1, LP (“Sponsor”) for the acquisition of
I-20 Corporate Center in DeSoto, Texas. The 385,472 square foot industrial
building is situated in the Southwest Dallas Submarket with access to Dallas
and Fort Worth. Prior to the sale, the seller, a Dallas-based operator, signed
a long-term 265,248 square foot lease with a global manufacturer.
Essex placed the $21.4M, floating rate bridge loan
with a relationship debt fund lender. The loan includes an initial principal
balance $20.9M and a future funding facility to finance tenant improvements and
leasing commissions for the 120,224 square feet of vacant space.
I-20 Corporate Center was constructed in 1986 and
features 33’ clear heights, 21 loading docks, and a drive-in door. The building
is currently configured as a multi-tenant property but can be converted to a
single-tenant property if the major tenant expands. The Property’s proximity to
Interstate-20 allows for excellent access to the entire Dallas-Fort Worth Metro
Area.
The Sponsor, TT Logistics F1, LP is a strategic Joint
Venture between Denver-based Triumph Capital Group and Mexico City-based
Abilia, with an exclusive focus on acquiring and developing high-quality
logistics assets in critical markets nationwide. The acquisition of I-20
Corporate Center is the joint venture’s third acquisition and the first in the
Dallas market.
Essex’s Capital Markets team was led by Partner Peter
Keepper, Senior Analyst Brad Kraatz, and Analyst Jack Korosec.
About Triumph Capital Group
Triumph Capital Group
(TCG) is a commercial real estate investment management firm whose purpose is
to manage invested capital within a specifically focused, value-oriented
investment strategy related to logistics and distribution-oriented real estate
assets in multiple markets along the US supply-chain. For further information, please visit triumphcapitalgroup.com
About Abilia
Abilia
is the real estate arm of a multi-strategy Mexico-based family office. The firm
has acquired and developed over 3 million square feet of office, residential,
industrial and mixed-use properties in North America. For further information, please visit abilia.mx
About Essex Financial Group
Essex Financial Group is a
commercial mortgage banking firm headquartered in Denver, Colorado,
specializing in commercial real estate debt and equity placement. For over 30
years, Essex has helped its clients navigate the capital markets effectively
and efficiently to identify the best capital source and structure to meet their
needs. For further information, please visit essexfg.com