Bank OZK Provides $97M Loan for Massive Phoenix Logistics Development
Financing will fund first phase of ViaWest Group’s 1.1M-SF project off Route 303
By Brian Pascus September 27, 2023 5:34 pm
reprints
ViaWest Group, a Phoenix-based commercial real estate developer and investment firm, has secured $96.5 million in construction financing to build a seven-building, 1.1 million-square-foot logistic center in Glendale, Ariz.
Bank OZK (OZK) provided the construction loan, while a JLL (JLL) Capital Markets debt advisory team of Kevin MacKenzie, Jason Carlos and Jarrod Howard arranged the financing on behalf of ViaWest Group.
Known as The Base, the project is the latest logistics development to enter an industrial hub just west of Phoenix. The Base will sit on nearly 83 acres of land in the West Valley and feature seven buildings ranging between 80,000 square feet and 310,000 square feet. Upon completion, which is scheduled for fourth quarter 2024, The Base Phase 1 will feature 105 trailer parking spaces, 1,325 car parking spaces, 236 dock-high doors, and 38 grade-level doors.
The logistics center will be just off the Route 303 corridor, known commonly as Arizona’s “industrial loop,” which is near Interstate 10 and Loop 101 and includes Grand Avenue and the northwest industrial submarkets. Phoenix’s West Valley sits within a day’s drive of the massive Southern California industrial market, and is near enough to Los Angeles to keep round-trip drives from The Base within the 11-hour single-day trucking limit set by the federal government.
Since its 2003 founding, ViaWest Group has completed nearly $2.8 billion worth of commercial real estate transactions, and holds nearly 12 million square feet under management or development. The firm is headquartered in Phoenix and has an office in Denver.
ViaWest Group and Bank OZK did not respond to requests for comment.
Brian Pascus can be reached at bpascus@commercialobserver.com
