Dealmaker: JLL Secures $80M for Office, Industrial Assets

JLL, Chicago, arranged $80 million for office and industrial properties near Washington, D.C. and Dallas.  

JLL Managing Directors Wes Boatwright, Mike Yavinsky and Jon Goldstein and Vice President Trevor Campbell secured $46.5 million for Tritower Financial Group, Boston, to purchase Independence Center I, a 274,000-square-foot office property in Chantilly, Va. JLL Senior Managing Director Bill Prutting and Executive Vice Presidents Marc Rampulla and James Molloy represented seller Carr Properties, Washington, D.C., which received $60.5 million for the Class A asset.

The sales price equals $221 per square foot. 

Carr Properties, a privately held real estate investment trust, will continue to provide property and construction management services for Independence Center I and II.

“The sale of Independence Center I represented a strategic disposition opportunity for Carr Properties,” Prutting said. “For Tritower, the acquisition and associated financing continues their strategic expansion in the infrastructure-rich, cyber-security and intelligence hub of Westfields in Northern Virginia.”

Prutting said Carr Properties recently repositioned Independence Center I with common-area upgrades, a new conference facility and a full-service café. 

In Lancaster, Texas, JLL secured $33.5 million in acquisition and development financing and raised $10 million in equity for I-20 Commerce Center, a 900,000-square-foot speculative industrial asset.

American National Insurance Company, Galveston, Texas, provided the loan to borrower Copeland Commercial LLC, Dallas. ANICO Eagle LLC, Galveston, provided the equity as the joint venture partner. Executive Vice Presidents Kurt Griffin and Nathan Orbin led JLL’s land-acquisition team and will execute leasing responsibilities. JLL Vice President Adam Mengacci led the financing efforts.

When completed, I-20 Commerce Center will be a Class A industrial asset with 36-foot clear heights and space for 208 trailers. The building will offer cross-dock loading capabilities and will include dual 185-foot truck courts with 156 dock doors. The property sits at the convergence of interstates 35, 20 and 45, close to Union-Pacific’s intermodal terminal and FedEx ground facilities.