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Lovett Industrial secures financing for office-to-industrial conversion and new industrial development in Dallas
Transactions - MARCH 21, 2024

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Lovett Industrial secures financing for office-to-industrial conversion and new industrial development in Dallas

by RELEASED

Lovett Industrial announced that it secured 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 new 101,364-square-foot, rear-load industrial facility.

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

JLL represented the borrower 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 use

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