Cushman & Wakefield has announced plans to refinance Texas Crossing in McKinney, which previously served as Blockbuster Video’s corporate headquarters and national distribution center.
The real estate services firm confirmed late Wednesday that it had secured bridge refinancing from Synovus Bank for the property. Beth Lambert and Diego Arroyave of Cushman & Wakefied represented the owner, Saskaway Group.
Until Saskaway purchased the 856,897-square-foot office and industrial facility in May 2014, it sat vacant for two years. The deal marks the investment group’s fifth acquisition in the Dallas-Fort Worth area. In 18 months, ownership leased 100 percent of the warehouse portion (697,149 square feet) to national credit tenants including UPS and International Paper, according to Cushman & Wakefield. With the new loan in place, ownership is focused on leasing the adjoining 160,000-square-foot, two-story office building.
The property is located 20 miles north of Dallas at 3000 North Redbud Blvd. in McKinney.
“Today’s post-recession banking rules and regulations can sometimes be difficult to navigate,” said Beth Lambert, executive managing director, Cushman & Wakefield, commenting in a news release.
“We are extremely pleased to represent Saskaway Group in securing an optimal refinancing structure with a financing partner that aligns with their investment strategy for the property,” Lambert said.
Cushman & Wakefield employs 43,000 individuals in more than 60 countries and is among the largest commercial real estate services firms with revenue of $5 billion. More information is available at www.cushmanwakefield.com or by following @CushWake on Twitter.