KV Casa Grande. Picture courtesy of JLL Capital Markets
Kentwood Ventures has acquired $38 million in financing for the event of KV Casa Grande, a 314,453-square-foot speculative industrial constructing in Casa Grande, Ariz. JLL Capital Markets labored on behalf of the borrower to safe a $23 million mortgage by way of CrossFirst Financial institution and $15 million in three way partnership fairness by way of Blue Vista Capital Administration.
The Class A venture broke floor this yr in April, with a scheduled supply in 2024. KV Casa Grande is about to characteristic 32-foot clear heights, a 175-foot concrete truck courtroom, 28 dock-high doorways, 14 grade-level doorways and 339 parking areas. The event group additionally consists of Andrews Design Group.
An Alternative Zone growth
The economic facility is taking form on an 18.7-acre parcel in an Alternative Zone on the nook of Thornton Street and Lawrence Road, 50 miles from downtown Phoenix, within the Southeast Valley market. The constructing may have entry to interstates 8 and 10. Company neighbors within the surrounding space embody Graham Packaging, Nationwide Vitamin Co., Hexcel Corp., Franklin Meals and Walmart, amongst others.
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The JLL Capital Markets Debt and Fairness Advisory group was led by Senior Director Jason Carlos and Affiliate Jarrod Howard. Govt Managing Director Anthony Lydon, Govt Vice President John Lydon, Vice President Hagen Hyatt, alongside Affiliate Kelly Royle will deal with leasing providers for the property.
One other industrial venture in Phoenix was lately topic to a building mortgage. Echo Actual Property Capital and Grandview Companions acquired $53.6 million for the event of a 676,169-square-foot constructing in Waddell, Ariz. As of April, Phoenix was main the nationwide building pipeline with 57.1 million sq. ft underway, representing 16.3 p.c of inventory, the most recent CommercialEdge report exhibits.
