IndiCap, a boutique commercial real estate company specializing in industrial investment and development in the Arizona and Southwest U.S. markets, has completed financing for the Virgin Industrial Park project in Maricopa County, within metro Phoenix’s West Valley, with the closure of a loan for Phase I and the cash closing on the land for Phase II of the project.
A loan for $88 million for Phase I of the project closed with Citizens Bank in November 2022, and the land deal for Phase II of the Class A development project closed December 19, 2022, with cash. Construction on Phase I of the project is expected to begin February 2023 and groundbreaking for Phase II is projected for the third quarter of 2023.
“In light of the dramatic shifts in the capital markets, we are all very grateful to get this loan closed with Citizens Bank,” said Mike Chernine, principal at IndiCap. “They were great to work with and we are thrilled to be moving forward with the two-phase project for Virgin Industrial Park. All of us are excited about the prospects awaiting us in this vibrant industrial sub-market.”
Virgin Industrial Park will total more than 1.5 million square feet in five buildings and is located within Glendale’s sought-after Loop 303 industrial corridor. The project will be developed in two phases – Phase I will include three buildings totaling 566,121 square feet, 244,958 square feet and 213,765 square feet. Phase II will include two buildings totaling 297,439 square feet and 235,040 square feet.
The project is being developed in partnership with JLL and Invesco.
In addition to this project, Invesco has more than 20 ground-up developments totaling nearly $8 billion in stabilized value in the West Coast alone. Invesco has a substantial presence in the Southwest region and is an ideal partner for a project of this magnitude.
For leasing information, contact Anthony Lydon, Marc Hertzberg, Riley Gilbert, or Kelly Royle with the Phoenix office of JLL.