JLL secures $10M refinancing for Dallas’ Pinnacle Business Center
The 3-building industrial property is 100 percent leased to 12 tenants
DALLAS, June 8, 2020 – JLL Capital Markets announced today that it has arranged a $10 million refinancing for Pinnacle Business Center, a fully leased, three-building, Class A, shallow-bay industrial facility totaling 181,050 square feet in Dallas, Texas.
JLL worked on behalf of the borrower, an affiliate of Cohen Asset Management, to place the 10-year, fixed-rate loan with National Life. JLL will also service the loan.
Completed in 2004, Pinnacle Business Center’s rear-load buildings feature clear heights ranging from 24 to 28 feet, deep truck courts, 51 dock-high doors, nine ramp access doors, office space and ample parking. The industrial facility is home to 12 tenants in a wide array of industries, including manufacturing, baking, architecture, clothing and automotive. Situated on 12.68 acres at 1444 N. Cockrell Hill Blvd., 4310 Adler Dr. and 4305 Pinnacle Point Dr., Pinnacle Business Center is six miles from downtown Dallas and located off Interstate 30, the major thoroughfare between Dallas and Fort Worth. Additionally, the park is in the Eastern Lonestar/Turnpike Industrial submarket, an established submarket that has seem tremendous rental growth over the past decade.
The JLL Capital Markets Debt Placement team representing the borrower was led by Director DJ Meagher, Senior Managing Director Paul Brindley and Analyst Dillon Donald. The team secured financing for the borrower’s acquisition of this property in 2015.
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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About JLL
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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Cohen Asset Management, Inc.
Cohen Asset Management is a private real estate investment firm that is headquartered in Southern California with a regional office in Northern New Jersey. With a primary focus being the industrial sector, Cohen Asset Management has an established history as an active owner-operator that is comprised of a team of seasoned real estate professionals who create value for its investors by establishing mutually rewarding relationships within the industrial real estate community in each of its target markets, particularly with tenants (Cohen customers), brokers, sellers and ultimately the buyers of Cohen Asset Management’s real estate when it monetizes investments.