July 14, 2020
CBRE Capital Markets Debt & Structured Finance arranged a $22 million loan for the acquisition of a 285,022-square-foot cold storage facility located in Phoenix. The borrower is a joint venture between Condor Cold Storage and AEW Capital Management.
Located at 7000 W. Buckeye Rd., the facility is 100% leased to Café Valley, producer of bakery products. The property was built in 2010 and features 36-foot clear heights. It comprises a combination of office, warehouse, baking, production and state-of-the-art ammonia freezer facilities.
CBRE’s Bruce Francis, Robert Ybarra, Shaun Moothart, Dana Summers, Doug Birrell and Jim Korinek facilitated the loan on behalf of the borrower.
Moothart says, “Given the uncertainty in the market and lack of capital availability today, compared with where the market was pre-Covid-19, the disparity of pricing and terms is as great as we have seen. Identifying the outlier lender is much like finding a needle in the haystack.”
For comments, questions or concerns, please contact Dennis Kaiser