CBRE Arranges $19.1 Million in Financing for 242,000-sq.-ft. Asset in Denton

CBRE has secured a $19.1 million fixed-rate loan for a buyer to acquire 451 South Western Blvd. in Denton, Texas, which includes two fully leased industrial buildings.

Mark McGovern, Colby Matzke and Brian Cruz with CBRE Capital Markets' Debt and Structured Finance team in San Diego worked closely with Scott Lewis, Matt Ballard and Gaby Llanes from the firm’s Dallas office to secure the financing. The 5.5-year, fixed rate loan was arranged on behalf of the buyer Westcore Properties, a San Diego-based commercial real estate investment firm. Westcore acquired the property from TA Realty.

"CBRE helped Westcore Properties acquire the two newly constructed, fully stabilized buildings in Denton," said Mr. McGovern. "We assisted them in their requirement for a quick close to meet the seller's short due diligence period."

The two buildings, Denton Point I and II, total 242,320 sq. ft. The two properties have a total of 28 dock doors, 32’ clear heights and 125 parking spaces. The two buildings are leased to three well-established tenants: DHL, Lowe's and Muenster Milling.

"The strategic location of Denton Point I and II provides tenants with direct trucking routes to Dallas/Fort Worth's central business districts," added Mr. McGovern.