Hatcher Industrial Park. Picture courtesy of Cushman & Wakefield
Westcore Properties has acquired Hatcher Industrial Park, a 906,125-square-foot campus in Waddell, Ariz. Ryan Cos. offered the asset for $92.7 million, public information present. The customer financed the acquisition with a $73.3 million mortgage from CrossHarbor Capital Companions, in a transaction organized by Cushman & Wakefield.
Westcore co-developed the property with Ryan Cos. in 2022. The partnership secured a $61.6 million development mortgage from Western Alliance Financial institution for the speculative challenge, beforehand referred to as Ryan at Woolf Logistics. The 2-building complicated got here on-line earlier this month with each services nonetheless vacant.
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Located on roughly 54 acres at 15101 and 15151 W. Hatcher Highway, the economic campus options 40-foot clear heights, six grade-level doorways and 174 dock excessive doorways. JLL is dealing with leasing on the property, based on CommercialEdge information.
Situated throughout the 1,340-acre Woolf Logistics Middle, Hatcher Industrial Park is within the Loop 303 Hall of the Phoenix metropolitan space. The Southwest Valley website is adjoining to the BNSF Railroad and gives entry to all main West Coast distribution hubs.
Cushman & Wakefield‘s Rob Rubano, Brian Share, Max Schafer and Becca Tse represented the borrower within the financing deal. As well as, Will Sturdy, Kirk Kuller, Micki Pressure and Molly Hunt supplied native market advisory.
The place the economic sector blooms
Regardless of an total slowdown in industrial growth, the Phoenix metro outperforms all different markets within the sector. The Valley had roughly 58.4 million sq. ft of house beneath development as of Could, based on a CommercialEdge report which famous that some 13.5 million sq. ft of business tasks broke floor in Phoenix simply this yr.
One of many bigger developments kicked off final month, when Sunbelt Funding Holdings Inc. and Graycor Building Co. began development on a 4 million-square-foot industrial park in Goodyear, Ariz. At full build-out, the campus will embody as much as 16 buildings starting from 32,400 sq. ft to 1.3 million sq. ft.
