JLL Capital Markets secured the construction loan and joint venture equity for a speculative industrial development in Casa Grande, Arizona
PHOENIX, June 12, 2023 – JLL Capital Markets announced today that it arranged $15 million in joint venture equity and $23 million in financing for the development of KV Casa Grande, a state-of-the-art, industrial development totaling 314,453 square feet in Casa Grande, Arizona.
JLL worked on behalf of the borrower, Kentwood Ventures, to secure the loan through CrossFirst Bank and equity through Blue Vista Capital Management.
KV Casa Grande will sit on an 18.68-acre parcel at the corner of Thornton Rd. and Lawrence St. Key building features will include 32-foot clear heights, a 175-foot concrete truck court, 28 dock-high doors, 14 grade-level doors and 339 parking spaces. The project broke ground in April 2023 and is projected to be completed over the next year.
The development is centrally situated in Casa Grande’s expanding industrial submarket, an extension of Phoenix’s Southeast Valley industrial market, which includes Tempe, Mesa, Chandler, Gilbert and Sky Harbor International Airport. Casa Grande has an industrial vacancy rate of 1.3% and limited speculative construction. The pro-growth community is positioned at the crossroads of the I-8 (San Diego), I-10 (Phoenix/Tucson/Los Angeles) and SR85 (Mexico), providing efficient transportation options throughout the Southwest Region. Additionally, the project is located within Pinal County, one of the fastest growing counties in the country with 500,000 residents and growth projections to more than double by 2045.
The JLL Capital Markets Debt and Equity Advisory team was led by Senior Director Jason Carlos and Associate Jarrod Howard. Leasing will be spearheaded by Tony Lydon, John Lydon, Hagen Hyatt and Kelly Royle.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
PHOTO: Kentwood Ventures Casa Grande Rendering