CBRE secures $42.7M in financing for 2 Phoenix-Mesa Gateway buildings
CBRE has secured $42.7 million in construction financing for two industrial buildings that will be part of Skybridge Arizona's master-planned development adjacent to the Phoenix-Mesa Gateway Airport in Mesa, Ariz.
Bruce Francis, Doug Birrell, Bob Ybarra and Shaun Moothart with CBRE Capital Markets' Debt and Structured Finance team in Phoenix secured the three-year interest-only construction loan financing on behalf of SkyPlus Development Corp.
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"We were able to help our client by running a thorough process to ensure they obtained the best available construction terms for these premier Class-A industrial buildings," said Mr. Francis. "This location has the unique advantage of being a joint U.S.-Mexico Customs inspection facility. As a tax-exempt property, future tenants will benefit from lower common area maintenance expenses associated with these buildings."
Situated on 28.50 acres, each building will be 250,000 sq. ft. and feature 32-foot clear heights, grade and dock high loading doors and ample parking immediately adjacent to Phoenix's second-largest airport.
“We are excited to kick off the next phase of development for Skybridge,” said Jackie Orcutt, CBRE’s senior vice president and the leasing agent for the Skybridge properties. “Construction is underway, with the timing for delivery of both buildings in the first quarter of 2024.”
Once completed, the overall 363.5-acre development, South of Loop 202 in Mesa, will include 22 buildings for both aeronautical and commercial development. The industrial market is very active in the Southeast Valley, especially surrounding the airport, with 8 million sq. ft. expected to come to market in the future, according to CBRE Research.
“Mesa has set record absorption numbers for the past several years, and we’re looking forward to adding more tenants to the Skybridge development with the delivery of these two industrial manufacturing facilities,” Ms. Orcutt added.