Builders plan to wrap up work on the Gilbert industrial facility by the tip of subsequent yr. Picture courtesy of JLL Capital Markets
A three way partnership between Atlas Capital Companions and OakPoint has landed a five-year, fixed-rate, $12 million development mortgage for a 60,500-square-foot industrial growth in Gilbert, Ariz. The mission is a build-to-suit, with Frito-Lay having signed for 10 years. Core Financial institution supplied the mortgage, in keeping with public information. JLL Capital Markets represented the developer within the deal.
In 2022, the three way partnership acquired the land for $4 million, public information additionally present. The tenant is anticipated to occupy the constructing by the tip of 2024.
The ability is ready to embody 15 dock-high loading doorways, two drive-in doorways and 130-foot truck courts. The property can even embrace 51 automobile parking spots.
Developed on an 8.2-acre web site, the warehouse will rise on the intersection of Germann Street and Silverado Courtroom within the Southeast Valley, roughly 3 miles kind Chandler Municipal Airport and 10 miles from Phoenix-Mesa Gateway Airport. Downtown Gilbert is below 7 miles away, whereas downtown Phoenix is 28 miles northwest. Phoenix Sky Harbor Worldwide Airport is inside 23 miles.
The JLL Capital Markets crew that organized the financing included Senior Director Jason Carlos and Affiliate Jarrod Howard. Government Managing Director Steve Larsen and Managing Director Kyle Westfall led the leasing crew.
Phoenix’s red-hot industrial pipeline
Atlas Capital Companions is at present engaged on one other warehouse within the Phoenix market, CommercialEdge knowledge reveals. That property, positioned in Goodyear and dubbed Elwood Rising, will add 120,000 sq. ft to the agency’s portfolio. Completion is anticipated within the first half of 2024.
Whereas the economic market is recording some total deceleration, Phoenix growth stays purple sizzling, because of the town’s rising manufacturing footprint, a spillover impact from the Larger Los Angeles space and the metro’s total progress prospects. Metropolitan Phoenix had 46.6 million sq. ft of commercial area below development as of September, the nation’s largest pipeline, a current report reveals, surpassing all gateway markets and port-adjacent cities.
