A local team has advised a San Diego firm in the purchase of two out-of-state commercial buildings, a brokerage announced.
CBRE secured a $19.1 million loan for Westcore Properties, a commercial real estate investment firm in University City, to acquire the fully leased properties, in Denton, Texas.
Mark McGovern, Colby Matzke and Brian Cruz with CBRE Capital Markets’ Debt and Structured Finance team in San Diego worked with CBRE’s Dallas office to secure the financing.
The 5.5-year, fixed rate loan was arranged for acquisition of the property from TA Realty.
“CBRE helped Westcore Properties acquire the two newly constructed, fully stabilized buildings in Denton,” McGovern said. “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 square feet. The structures have a total of 28 dock doors, 32’ clear heights and 125 parking spaces. They are leased to three 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 McGovern.