Creation Equity and PGIM Real Estate obtained a $65.5 million financing for a 595,688-square-foot industrial development in Dallas. Veritex Bank and Comerica Bank issued the note.
Called 635 Exchange, the project is slated for completion in October 2026. LGE Design Build is handling the architectural and general contracting aspects of the project. Stream Realty Partners has been tapped as the leasing agent.
Commercial Edge reports that the project is situated on a former city of Dallas landfill at 11645 Newberry St. The roughly 36-acre development site will comprise three rear-load facilities ranging between 144,216 and 243,472 square feet.
JLL’s Greg Napper, Luke Rogers, and Charlie Mossy represented the borrowers in the debt acquisition proceedings.
Creation Equity valued its industrial development pipeline at $1.8 billion. Earlier this year, it acquired a 38-acre site in the Metroplex to develop another 451,032-square-foot project, which will also consist of three industrial facilities.
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