CanTex Lands Refi for Fort Worth Campus
CanTex Capital has obtained a refinancing loan for Sylvania Industrial Park, an 893,738-square-foot industrial campus in Fort Worth, Texas. JLL worked on behalf of the borrower to secure the three-year, floating-rate financing from MetLife Investment Management.
The firm acquired the multi-tenant asset in November 2021 from Park Corp., according to CommercialEdge information. The company took out a $32 million loan originated by Amherst Capital Management for the acquisition.
The campus, which is the largest crane- and rail-served industrial property in North Texas, came online in 1938, according to CommercialEdge information. Following the purchase, CanTex upgraded the property through multiple capital improvements.
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The buildings feature clear heights of up to 50 feet, heavy power, rail access and outdoor storage. The industrial park is leased to 15 companies including TK Airport Solutions, JR New Energy and Andes Coil Processors.
The campus is at 3201 N. Sylvania Ave., just east of Interstate 35W. Downtown Fort Worth is 4 miles away, while Dallas Fort Worth International Airport is 26 miles northeast.
JLL Debt Advisory Senior Managing Director Jim Curtin, Senior Director Jarrod McCabe, Associate Luke Rogers and Analyst Jordan Buck led the team that arranged the financing.
Dallas-Fort Worth’s industrial sector stays strong
The industrial sector of Dallas-Fort Worth remained strong in the first half of the year, according to a CommercialEdge industrial report. The metro’s development pipeline ranked second nationally, with 15.7 million square feet under construction. Additionally, the vacancy rate clocked in at 6.5 percent in June, just 40 basis points above the national average.
In May, Hillwood landed forward financing for Alliance Westport 25, a 1.2 million-square-foot industrial building in Fort Worth, Texas. The facility, part of the 27,000-acre AllianceTexas, came online last year.
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