CrossHarbor Lends $73M on Phoenix Area Industrial Park Buy
By Andrew Coen July 18, 2023 10:25 am
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Westcore has landed $73.3 million of acquisition financing to purchase an industrial park near Phoenix, Commercial Observer has learned.
CrossHarbor Capital Partners supplied the loan for the developer to acquire Hatcher Industrial Park, a vacant property in Glendale, Ariz., that was completed early this summer. Details on the acquisition price could not be immediately gleaned.
Cushman & Wakefield (CWK) negotiated the debt with a team led by Rob Rubano, Brian Share, Max Schafer, Becca Tse, Will Strong, Kirk Kuller, Micki Strain, and Molly Hunt.
Located at 15151 West Hatcher Road, the 906,12-square-foot asset is on 53 acres in the Loop 303 Corridor of the Southwest Valley of metropolitan Phoenix. The property sits adjacent to the BNSF Railroad, which provides access to large West Coast distribution hubs.
“This was one of the most competitive debt marketing processes we’ve seen this year,” Share said in a statement. “The story, deal profile and sponsorship really resonated with lenders despite the capital markets headwinds.
The Phoenix metro industrial market has seen 13 consecutive calendar years of positive net absorption through the 2023 second quarter, according to C&W data. Phoenix’s industrial market vacancy was 4.4 percent in the second quarter with 7.1 million square feet of occupancy growth through the first half of the year.
Officials at CrossHarbor and Westcore did not immediately return requests for comment.
Andrew Coen can be reached at acoen@commercialobserver.com
