PLANO, TX-CBRE Capital Markets has brokered the disposition and arranged the acquisition financing for the Eltek North American Headquarters building here. CBRE represented the seller, Argent Property Company, on the sale of the asset to Founders Properties, LLC, a Minneapolis-based real estate investment firm. CBRE’s Debt & Equity Finance group worked on behalf of Founders Properties to obtain a permanent loan through EverBank.
The Eltek North American Headquarters is a Class A, build-to-suit warehouse facility that was completed in December 2012. The property is strategically located within Plano’s Research and Technology District, which has special zoning requirements to ensure a well-maintained, cohesive business park environment. Comprised of 124,042 square feet, the property is 100% leased to Eltek, Inc., a worldwide leader in high-efficiency electronics and energy conversion.
“Founders Properties took advantage of the opportunity to acquire a new, fully-leased industrial facility that features a dynamic location within Plano’s Research and Technology District,” said Patrick Benoist with CBRE’s Debt & Equity Finance group in Dallas. “EverBank was an ideal fit for the deal because their team has extensive experience underwriting the financials of unrated tenants. The lender also created a unique structure of the loan pay down that aligned with borrower’s investment strategy.”
The property is located close to US Highway 75 and President George Bush Turnpike, providing exceptional access to the major corridors and business hubs of the DFW Metroplex.
Jack Fraker, Josh McArtor, Jonathan Bryan and Heather McClain Venegoni of CBRE’s Investment Properties team marketed and sold the asset on behalf of the seller. The team of Scott Lewis, Matt Ballard and Patrick Benoist of CBRE’s Dallas office, and Murray Kornberg of CBRE’s Minneapolis office originated and secured the acquisition financing for the transaction on behalf of the borrower.