PHOENIX, ARIZONA -- CBRE arranged $25.5 million in financing for a 417,600 square-foot industrial building in Phoenix.
CBRE’s Bruce Francis, Shaun Moothart, Bob Ybarra and Doug Birrell facilitated the 7-year, interest-only refinancing loan on behalf of the owner, Nearon Enterprises, a private real estate investment company based out of Walnut Creek, Calif. Nearon oversees approximately $1 billion in assets throughout Arizona, California, Utah and Colorado.
91st Avenue Distribution Center, which is 100 percent occupied by Gladiator Worldwide Logistics, is in a strategic last-mile location, providing access to about 5 million people within the Phoenix metro area and more than 35 million consumers within a one-day truck haul.
Nearon purchased the property last March at 44 percent occupancy. Upon acquisition, the company was able to quickly lease up the remainder of the space to the current tenant and achieve stabilization less than one year later.
“Nearon’s timing and execution was superb,” said Moothart. “This strategic acquisition provided an opportunity to enter at an attractive basis and take full advantage of the unprecedented growth that has occurred in the Phoenix industrial market.”