Two-project portfolio consists of two newly-built industrial parks totaling 562,969 SF delivered in 2024 in nearby cities of Chandler and Mesa, Arizona.
Cushman & Wakefield announced the firm has advised Newport Beach, CA based CapRock Partners, a fully integrated, privately owned investor and developer of industrial real estate, in securing a total of approximately $64.1 million in financings for the acquisition of a Class A industrial portfolio comprising two newly built, multi-building business parks totaling 562,969 square feet in Phoenix Metro.
The assets included Chandler Airport Business Park totaling 318,683 SF in the city of Chandler and Longbow Industrial Center totaling 244,286 SF in the city of Mesa. The two premier projects were both recently delivered in 2024 with leasing activity underway.
A Cushman & Wakefield Equity, Debt & Structured Finance (“EDSF”) team of Rob Rubano, Brian Share, Max Schafer, Lars Weston, and Billy Coyle represented the borrower in both financing transactions. Will Strong, Molly Hunt and Michael Matchett of Cushman & Wakefield’s National Industrial Advisory Group (“IAG”)—Mountain West also provided market advisory.
A $38.5 million floating-rate, bridge loan for Chandler Airport Business Park was provided by funds and accounts managed by BlackRock’s US Real Estate Debt team in March, and an approximately $25.6 million floating-rate, bridge loan for Longbow Industrial Center was provided by California Bank & Trust in May.
“We’re thrilled to have helped CapRock execute these financings and grow their presence in the Southeast Valley. The depth of bridge lenders that quoted competitive pricing and proceeds was encouraging, a testament to the quality of the assets and CapRock sponsorship. Institutional debt capital still wants to deploy in Phoenix for the right projects,” said Brian Share, Executive Managing Director EDSF, who led the financing effort.
The transaction was a unique acquisition of two newly developed state-of-the-art industrial assets that have been thoughtfully designed to meet the demand for Class A product offering modern logistical features and functionality. Located approximately 20 miles apart, both parks are strategically positioned along major arterials in the highly sought after Loop 202 Corridor of the Southeast Valley of Phoenix, one of the highest-growth industrial markets in the Phoenix MSA with efficient access across the region and major West Coast distribution hubs and critical ports.
Each of the multi-building parks consist of new industrial, warehouse and distribution buildings. Chandler Airport Business Park is a 318,683 SF, four-building industrial park on ±20 acres at the northwest corner of Queen Creek Road and Cooper Road. The project features 28’-30’ clear heights and 428 auto parking stalls. Longbow Industrial Center is a 244,28 SF, two-building industrial park on ±14.5-acres at the northwest corner of McDowell Road and 58th Circle. The buildings feature 30’ clear heights and 320 auto parking stalls. Both industrial parks have ample spec office space, ESFR sprinklers, numerous loading positions, large secured concrete truck courts, full warehouse HVAC, and LED lighting.
“The Southeast Valley is a preferred industrial submarket within metro Phoenix for high-tech, manufacturing, R&D, and e-commerce users and the area has been the target of more corporate relocations than any other region in the metro. As one of Phoenix’s highest barrier-to-entry areas, it is also one of the most difficult to acquire or develop new buildings as the area is essentially built-out and land costs are high,” said Will Strong, Executive Vice Chair.
“We are thrilled to expand our presence in the dynamic Phoenix metro and thankful to the Cushman & Wakefield team for securing two exceptional debt executions for these properties. We are also excited to partner with a new institutional lender as well as expand our relationship with CB&T, a valued partner to CapRock,” said Sean Grubbs, First Vice President, Capital Markets at CapRock Partners.
