An $8.16 million acquisition loan was recently obtained for a two-building, nearly 473,000-square-foot industrial property situated on more than 97 acres in Wichita Falls, roughly 140 miles northwest of Dallas. The property is being acquired for $8.5 million by an affiliated entity of Panda Biotech.
Panda Biotech plans to complete a nearly $47 million renovation of the light-manufacturing facility for its specific use as a hemp gin for processing of fiber and cellulose.
The building is currently 28 percent occupied by one tenant. Panda Biotech plans to execute a master lease for the entire square footage, initially occupying about 350,000 square feet at closing and taking over the current tenant’s space when its lease expires in January 2022.
Red Oak Financial, a Michigan-based commercial real estate finance company, completed the loan.
“This property holds tremendous potential once modernized to fit Panda Biotech’s requirements,” says Gary Bechtel, CEO of Red Oak. “With the demand for industrial space increasing, we anticipate the building will be 100 percent leased at prevailing market rents to a single tenant. Additionally, this deal allows us to expand our portfolio into new markets.”
The property is located at 8600 North Central Freeway. The property was constructed as a manufacturing campus for the Delphi division of General Motors in 1978.