A three way partnership led by Contour, of Costa Mesa, Calif., has acquired $99 million in development financing for the five-building first section of the Sossaman Park 202 industrial campus in Mesa, Ariz. JLL organized the financing on behalf of the borrower.
The four-year, floating-rate mortgage for the 828,718-square-foot improvement was supplied by Pacific Western Financial institution.
The 108.9-acre web site is on the southwest nook of Sossaman Street and Warner Street within the Phoenix submarket of Chandler North/Gilbert.
Upon completion, the challenge will comprise a mixture of mild industrial, warehousing and distribution buildings starting from 130,318 sq. toes to 198,782 sq. toes. Every will supply two grade-level doorways, between 25 and 41 dock-high doorways, 50- x 52-foot column spacing and 32-foot clear peak all through.
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Sossaman Park 202 can be inbuilt two phases, with the second section anticipated to incorporate three further buildings totaling about 722,000 sq. toes. A portion of the $99 million in mortgage proceeds have been used to fund the sponsor’s acquisition of the Part II land.
The location is 30 miles from Phoenix Sky Harbor Worldwide Airport and solely 2.5 miles from Phoenix-Mesa Gateway Airport. The latter is the nation’s solely joint cargo hub, served by each U.S. and Mexican customized brokers and permitting for the expedited cargo of products.
As well as, the challenge is adjoining to Loop-202, Phoenix’s primary regional arterial, and connects to I-17, I-10 and Freeway 60.
The JLL Capital Markets group representing the borrower was led by Senior Managing Director Jeff Sause, Managing Director Todd Sugimoto and Affiliate Wyatt Strahan, with native assist supplied by Director Jason Carlos.
In a ready assertion, Sause commented that Pacific Western Financial institution “held deal phrases negotiated in April by way of a really risky market.”
Information on high of data
With a document 36 million sq. toes of commercial area on monitor to ship by 12 months’s finish, the Phoenix metro is nationally now second solely to Dallas for industrial development, based on a second-quarter report from Kidder Mathews.
Rental charges, too, have hit a document stage, of $0.73 per sq. foot, triple internet. And metro-wide availability has fallen to its lowest ever, at 8.1 %.
