PHOENIX – JLL Capital Markets announced that it has arranged a $16.12 million refinancing for a seven-building light distribution and manufacturing portfolio totaling 274,429 square feet in Phoenix, Arizona.
JLL worked on behalf of the borrower, a partnership between Phoenix-based Bird Dog Industrial, HPI Real Estate Services and Investment and Long Wharf Capital, to place the five-year, fixed-rate, non-recourse loan with a correspondent life insurance company. Loan proceeds will be used to take out the existing credit facility.
The Phoenix light industrial portfolio is situated on 16.12 acres at 10950 W. Northview Ave. in Glendale; 235 E. Pima St. in Phoenix; and 481 N. Dean Ave, 5740 W. Oakland St. and 5753, 5763 and 5773 W. Erie Streets in Chandler. The properties are strategically positioned in in-fill industrial submarkets throughout Phoenix with a strong employment base and access to major transportation lanes. The portfolio is 54.6% leased to three national tenants. The borrower is in the final stage of completing value-add improvements totaling approximately $1.725 million across the portfolio.
“We purchased each of these properties individually based on their common value-add attributes, including deferred improvements, existing vacancy and below-market rents,” said Mark Sonnenberg, President of Bird Dog Industrial. “After completing significant improvements, we’re excited to be re-introducing these properties to the leasing market.”
The JLL Capital Markets debt placement team representing the borrower was led by Managing Director Casey Wenzel, Senior Managing Directors Aldon Cole and Jeremy Womack and Analyst Alastair Barnes.