BlackRock, California Bank & Trust Lend $64M on Arizona Industrial Assets

CapRock Partners has landed  $25.6 million of acquisition financing for the purchase of an industrial property in suburban Phoenix, Commercial Observer has learned,

California Bank & Trust (CB&T) supplied the floating-rate bridge loan on CapRock’s acquisition of Longbow Industrial Center in Mesa, Ariz. The 244,286-square-foot asset was recently completed and is in the lease-up process.

Cushman & Wakefield arranged the transaction with a team led by Rob Rubano, Brian Share, Max Schafer, Lars Weston and Billy Coyle. The deal also featured market advisory from Will Strong, Molly Hunt and Michael Matchett of C&W’s National Industrial Advisory Group — Mountain West. 

Located at 5710 East McDowell Road, Longbow Industrial Center is a two-building industrial park with 320 automobile parking stalls. The buildings feature 30-foot clear heights.

CapRock Partners also secured a $38.5 million floating-rate bridge loan in March from funds and accounts managed by BlackRock’s U.S. real estate debt team for the acquisition of Chandler Airport Business Park in Chandler, Ariz., near Phoenix in another deal facilitated by C&W. 

“The depth of bridge lenders that quoted competitive pricing and proceeds was encouraging, a testament to the quality of the assets,” Share said in a statement regarding the Longbow deal. “Institutional debt capital still wants to deploy in Phoenix for the right projects.”

Sean Grubbs, first vice president, capital markets at CapRock Partners, said in a statement that the firm is “thrilled to expand our presence in the dynamic Phoenix metro.”

Officials at BlackRock and CB&T did not immediately return requests for comment.

Andrew Coen can be reached at acoen@commercialobserver.com