Cushman & Wakefield arranges $64.1 million in acquisition financing for industrial portfolio near Phoenix

CHANDLER AND MESA, ARIZ. — Cushman & Wakefield advised Newport Beach, Calif.-based CapRock Partners in raising $64.1 million in financing for the acquisition of a Class A industrial portfolio comprising two new-build, multi-building business parks totaling 562,969 of square footage in metro Phoenix.

The assets include the four-building, 318,683-square-foot Chandler Airport Business Park in Chandler and the two-building, 244,286-square-foot Longbow Industrial Center in Mesa.

Funds and accounts managed by BlackRock’s U.S. real estate debt team provided a $38.5 million variable rate bridge loan for Chandler Airport Business Park in March. California Bank & Trust provided a variable rate bridge loan of approximately $25.6 million for Longbow Industrial Center in May.

Located on 20 acres, Chandler Airport Business Park has clearance heights of 28 feet to 30 feet and 428 car parking spaces, while Longbow Industrial Center has 30 foot clearance heights and 320 car parking spaces on 14 acres. Both industrial parks offer ample speculative office space, ESFR sprinklers, numerous loading bays, large secured concrete truck lots, full warehouse HVAC and LED lighting.

Rob Rubano, Brian Share, Max Schafer, Lars Weston and Billy Coyle of Cushman & Wakefield Equity, Debt & Structured Finance represented the borrower in both financing transactions. Will Strong, Molly Hunt and Michael Matchett of Cushman & Wakefield’s National Industrial Advisory Group – Mountain West advised on the market.