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
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