Lightstone Acquires 649,361 SF Industrial Facility in Garland, Texas

GARLAND, TEXAS — New York City-based investment firm Lightstone has acquired a 649,361-square-foot manufacturing and distribution facility in the northeastern Dallas suburb of Garland. Built in 1960 and renovated in 2016, the property features clear heights ranging from 12 to 40 feet, 40 loading docks, 18 overhead doors, six drive-in doors, a low office finish and substantial truck and vehicle parking space. The facility was 97 percent leased to five tenants in the retail and logistics industries at the time of sale. Peter Rotchford, Cullen Aderhold, Alex Staikos, Ross Crawford and Bo Beidleman of JLL arranged a $14.4 million acquisition loan through RGA Reinsurance Co. for the transaction. The loan was structured with a seven-year term and a fixed interest rate.