Construction financing secured for office-to-industrial conversion and new industrial development in Dallas

DALLAS, Mar. 19, 2024 – JLL Capital Markets announced today that it has arranged financing for the development of Addison Innovation Center. The 12.2-acre site currently consists of a 140,698-square-foot office building that will be converted to industrial alongside a brand new, 101,364-square-foot, rear-load industrial facility.

JLL represented the borrower, Lovett Industrial, and secured the five-year, floating-rate loan through First United Bank and Trust Company.

Building 1, an existing 140,698 square foot flex office building with 31-foot clear heights, will be converted to a Class A warehouse facility with dock-high loading capabilities. Building 2 will be a newly constructed 101,364 square foot warehouse featuring Class A specifications and dock-high loading capabilities. The practical design of the buildings allows for tenant suites ranging from 25,000 square feet to full-building users. Additional highlights of Addison Innovation Center will include a 190-foot shared truck court, excess auto parking, amenity areas and surplus power to the site.

Lovett is partnering with Rosewood Property Company, a Dallas-based real estate investment firm, to develop Addison Innovation Center.

The site is located at 16675 Addison Rd., and benefits from an incredibly infill and central location within Addison, a northern suburb of Dallas with high barriers to entry. The site is also strategically positioned next to Addison Airport and has direct visibility to the Dallas North Tollway, providing prospective tenants immediate access to DFW’s major thoroughfares.

The JLL Capital Markets team was led by Senior Director Jarrod McCabe.

The First United Bank deal team was led by Senior Vice President Brandon Brewer, in the Commercial Real Estate Group.

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Founded in 2020 and based in Houston, Texas, Lovett Industrial is a privately held vertically integrated logistics real estate investment platform that seeks to develop and acquire industrial real estate assets that are differentiated by their quality, location, and functionality. Currently active in over 13 major metros across the United States, Lovett Industrial’s portfolio consists of approximately 25 million square feet of completed, acquired, and under construction warehouses and in excess of 10 million square feet of warehouses planned for future development. Lovett Industrial’s founders have combined over 60+ years of experience in the commercial and industrial real estate sectors. For more information, please see our website at lovettindustrial.com/.

Established in 1900, First United Bank has more than 85 bank, mortgage and insurance locations throughout Oklahoma and Texas.  It is among the largest privately held community banking organizations in the U.S. with assets of more than $16 billion.  First United Bank 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.

Rosewood Property Company, based in Dallas, is a wholly owned subsidiary of The Rosewood Corporation. Rosewood Property Company and its affiliates have an extensive portfolio, including investments in land, office, industrial, self-storage, and multifamily assets. For more information, visit rosewoodproperty.com.