Financing secured for Intermodal Commerce Park industrial development
JLL Capital Markets arranged the joint venture equity and construction loan and will lead leasing efforts for the Class A+ industrial project
DALLAS, August 12, 2020 – JLL announced today that it has arranged equity and construction financing and will lead leasing efforts for Intermodal Commerce Park, a to-be-built, Class A+ industrial project comprising three buildings totaling 1.4 million square feet in the Dallas-Fort Worth area community of Haslet, Texas.
JLL worked on behalf of Gruene Real Estate Partners and Weber & Co. to arrange the joint venture equity partnership with a private real estate fund advised by Crow Holdings Capital and placed the five-year construction loan with First United Bank on behalf of the developer. Additionally, JLL was selected to lead the marketing and leasing effort for the master-planned development. Construction is set to be completed in July 2021.
Intermodal Commerce Park will be constructed on a land site located at the southern end of Intermodal Drive, which connects the 82-acre site to the nearby BNFS intermodal facility in Alliance, the nation’s largest inland port. The development site is approximately one mile east of Interstate 35W and at the southern end of the Alliance Airport, an auxiliary cargo-handling, destination-relieving DFW Airport. The location allows easy access to the Texas Triangle, the area between DFW, Houston and San Antonio, allowing tenants to reach more than 25 million people in a matter of hours. Intermodal Commerce Park will consist of one front-load and two cross-dock buildings that feature between 32- and 40-foot clear heights, deep truck courts, 186 dock doors, 10 ramp doors, 313 trailer stalls and ample car parking.
“With its formation, the Weber-Gruene Joint Venture will operate as one cohesive unit,” said Ken Kristofek, Owner and President, Gruene Interests, LLC. “We will function seamlessly, bringing together a diverse set of capabilities to the development process and enhance an already rich history of service and quality in Dallas-Fort Worth.”
The JLL Capital Markets team representing the developer was led by Dustin Volz, John Rose, Stephen Bailey and Wells Waller. The JLL Leasing team includes Managing Director George Curry, Executive Vice President Jamie Galati and Vice President Blake Rogers.
The need for warehouse space across the country has increased due to the COVID-19 pandemic and resulting shelter-in-place orders, accelerating e-commerce growth. JLL expects e-commerce sales could hit $1.5 trillion by 2025, which would increase the demand for industrial real estate an additional one billion square feet.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About the Weber & Company and Gruene Real Estate Partners Joint Venture
The Weber-Gruene Joint Venture (“JV”) was formed to develop institutional grade industrial warehouse projects in the DFW Metroplex and the state of Texas. The JV consists of Weber & Company and Gruene Real Estate Partners. Since 1990 John Weber, Sr. and Weber & Company has successfully developed over 40 shopping centers in DFW totaling over 14 million square feet. Ken Kristofek founded Gruene Real Estate Partners after leaving the corporate world with over 30 years of corporate real estate development experience. During his career, Ken has personally developed and been responsible for over 3.5 million square feet and thousands of acres of development in multiple product types. His development experience includes industrial warehouse, industrial warehouse parks, tilt-wall office, mid-rise office, retail, multifamily and large mixed-use land projects.
About Crow Holdings Capital
Crow Holding Capital is the real estate investment management company of Crow Holdings. Led by a highly experienced team, Crow Holdings Capital manages $10.5 billion of real estate assets through its series of nine flagship value-add funds invested across property types in the Unites States, as well as its specialized fund strategies for retail, self-storage and multifamily. Crow Holdings is a privately owned real estate investment and development firm with a 70-year history and a strong track record of performance, partnership and innovation. For more information, please visit crowholdings.com/chc.
About First United Bank
Established in 1900, First United has more than 85 bank, mortgage and insurance locations throughout Oklahoma and Texas. It is one of the largest, well-capitalized banking organizations in the Southwest with assets of more than $9 billion, and it is among the largest privately held community banking organizations in the U.S. First United provides a full range of financial services including banking, mortgage, insurance, and investment products and services, and is dedicated to inspiring and empowering others to Spend Life Wisely®. Learn more at firstunitedbank.com.