PHOENIX – (May 31, 2024) – CBRE has secured $44 million in refinancing for Queen Creek Commerce Center, a two-building complex at 555 East Queen Creek Road in Chandler, Ariz.
Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo, and Jim Korinek with CBRE's Capital Markets Debt and Structured Finance team secured the 10-year term loan with 5.47% interest rates and a 65% loan to value on behalf of Schnitzer Properties. A life insurance company provided the funding.
The center was built in 2022 and consists of two state-of-the-art industrial buildings featuring 32-foot clear heights, 18 grade-level doors and 122 dock-high doors across 34.54 acres. In total, there are 560,352 rentable sq. ft. Building A has 163,072 sq. ft., and Building B has 397,280 sq. ft. The property is currently fully occupied.
According to CBRE research, the Phoenix industrial market remains vibrant due to high leasing activity, new supply and increased tenant demand.