January 5, 2021
Gantry secured an acquisition loan for a 376,760-square-foot warehouse/distribution building in Phoenix. Built in 2007, the Class A property sits on a 22-acre site at 4747 W. Buckeye Rd. and was acquired by Southern California-based Cohen Asset Management for $39.1 million.
Gantry’s Tim Storey arranged the 12-year, $21.6-million acquisition loan through a correspondent life insurance company.
The building is fully leased to a single tenant, Vital Pharmaceuticals, a Florida-based company. The tenant signed a new 10-year lease that commenced in March 2020.
Storey said, “Cohen Asset Management is a strong and experienced sponsor that counts roughly 50 buildings in its Phoenix portfolio. The fact that the borrower had secured a long-term lease involving a credit tenant certainly bolstered lenders’ interest in the asset that is located in a key Southwest industrial submarket.”
The facility offers numerous Class A features that include 30-foot clear heights, an ESFR sprinkler system, 118 dock-high doors, as well as 140-foot and 192-foot truck courts.
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