July 10, 2020
San Francisco-based Gantry arranged $17,050,000 in acquisition financing for a Class A industrial building in Phoenix. Developed in 2013 by Sun State Builders, the 325,800-square-foot warehouse at 7400 W. Buckeye Rd. is in the heart of Phoenix’s Southwest Industrial submarket.
Tim Storey, Principal, and Chad Metzger, Senior Associate, of Gantry’s Phoenix office, exclusively worked with the borrower, Kaiser Industrial SPE, LLC, in securing the acquisition financing with a correspondent life insurance company. The financing was structured as a 10-year, interest-only loan at a sub-3% rate. The loan will be serviced by Gantry.
“The borrower is acquiring the property for $31 million from an institutional seller in an off-market transaction,” said Storey. “It also owns several other industrial buildings in the immediate vicinity and knows the submarket well.”
The property is 100% leased to two tenants, OnTrac and Vesta Foodservice, and surrounded by several large distribution centers occupied by Amazon, FedEx, Home Depot, Target, WinCo, PepsiCo, and numerous others.
For comments, questions or concerns, please contact Dennis Kaiser