PHOENIX – (May 7, 2024) – CBRE has secured a $29 million loan for the cash-out refinance of an industrial distribution center, a newly constructed 326,103 sq. ft. industrial warehouse on 21.6 acres in Buckeye, Ariz., a western suburb of Phoenix.
Bruce Francis, Bob Ybarra, Shaun Moothart, Doug Birrell, Nick Santangelo , and Jim Korinek with CBRE Capital Markets' Debt & Structured Finance secured the 10-year loan with a half-term interest only at a 5.8% interest rate through a life company on behalf of the local developer and institutional group.
"During lender tours of the asset, multiple capital sources commented it was one of the best industrial buildings they had ever seen," said Bruce Francis, vice chairman at CBRE. "It has been our pleasure to arrange long-term financing for this superior Class-A industrial building on behalf of our client."
The property has top-of-the-line power capabilities, 36-foot clear height, a secured 270-degree yard, 108 cross-dock doors, and parking that can accommodate industrial distribution or manufacturing tenants with heavy parking requirements.
The property is fully leased to a global oil distribution corporation, which uses it as its primary distribution warehouse for prepackaged automobile oil in the Western U.S.
The property is 30 miles west of downtown Phoenix and a quarter mile from I-10, offering connectivity to the greater Phoenix metro. Buckeye is at the west end of the Southwest industrial district, which is also served by I-10 and the Union Pacific Railroad main line and includes the metro's largest concentration of distribution space.