JLL arranges $58.72M financing for Northern Parkway Logistics Center in Glendale, Arizona

Mesa West Capital provides refinancing for Panattoni Development Company’s industrial portfolio

PHOENIX, (Nov. 11, 2026) – JLL Capital Markets announced today that it arranged a $58.72 million refinancing for Northern Parkway Logistics Center, a 445,187-square-foot Class A industrial portfolio located at 12815 W. Northern Ave. and 12795 W. Northern Ave. in Glendale, Arizona.

JLL worked on behalf of the borrower, Panattoni Development Company, to secure a three-year, floating-rate loan through Mesa West Capital.

Completed in 2025, Northern Parkway Logistics Center consists of three industrial buildings situated on approximately 30 acres within Northern Parkway Logistics Hub, a master-planned industrial development in Phoenix’s West Valley. The project was 57.9%-leased at closing and features institutional-quality specifications designed to accommodate a range of logistics, distribution, manufacturing and industrial users. Property features include 32- to 36-foot clear heights, 73 dock-high doors, eight grade-level doors, heavy power capabilities ranging from 3,000 to 6,000 amps, ESFR sprinkler systems, 62 trailer parking stalls and 451 vehicle parking spaces. The buildings are designed to accommodate both single-tenant and multi-tenant users.

Northern Parkway Logistics Center is strategically positioned between Loop 101 and Loop 303 with direct access to the region’s primary transportation corridors, providing efficient connectivity throughout Metro Phoenix and to major Western U.S. markets. The property’s location supports regional distribution operations while benefiting from proximity to Luke Air Force Base and a growing concentration of logistics, manufacturing, aerospace, advanced technology and defense-related employers. The broader West Valley continues to attract corporate investment due to its expanding population, deep labor pool and business-friendly operating environment.

The JLL Capital Markets team was led by Senior Director Jason Carlos, along with Associate Frank Choumas, Analyst Ross Jorgensen and Analyst Andrew Mings.

“Northern Parkway Logistics Center’s strength starts with the sponsorship. Panattoni’s platform and the quality of the project gave lenders real confidence in the lease-up plan,” said Carlos. “Lender capital remains abundant despite recent market activity, and we’ve closed a number of lease-up bridge financings where leasing momentum is on the sponsor’s side. Mesa West deserves credit for an excellent closing in a slightly turbulent back-leverage market.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients, including investment sales and advisory, debt advisory, M&A and corporate finance, loan sales, equity & fund placement, net lease, derivative advisory and energy & infrastructure advisory. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.