Property Type Industrial
Financing Type Acquisition
Date June 6, 2022
Flex-Industrial and Showroom Building Fronts Main Street in Mesa Next to the Valley Metro Light Rail’s Sycamore/Main Street Station; Life Company Lenders Continue Prioritizing Loans for Metro Phoenix Industrial Properties, Reflecting the Valley’s Strong Market Fundamentals
Phoenix, Ariz. – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured $6 million to finance the acquisition of a Metro Phoenix flex-industrial building for the up leg of a 1031 exchange requirement. Located at 1833 W. Main Street in Mesa, Ariz., the 80,000-square-foot flex-industrial and showroom capable building features more than 500 feet of street frontage, 16-18’ clear heights, and 18 grade level loading doors. Branded as Gateway Mesa Station, the property offers both office and warehouse spaces in a multi-tenant format with solar-tinged glass storefronts and individual suite signage from a prime location across the street from Valley Metro’s Sycamore/Main Street light rail station.
Gantry Principal Tim Storey of the firm’s Phoenix production office secured the loan on behalf of the borrower, a private investor. Gantry secured the 10-year loan from one of the firm’s correspondent life company lenders at an attractive fixed rate with 30-year amortization.
According to Gantry’s Tim Storey, “Metro Phoenix industrial property is a prioritized asset class for our roster of correspondent life company lenders. The Valley’s strong economic fundamentals, growth of logistics-intensive businesses, and the region’s low industrial vacancy rates directly appeal to their underwriting criteria for permanent loans at what remain attractive long-term interest rates. This unique property functions as a multi-tenant asset, with the ability to support office, warehouse and showroom uses from a high-profile location. With long-term leases in place, significant rent upside potential from future leasing, and an experienced sponsor at the helm borrowing at low leverage, Gantry shopped this requirement with our roster of life company lenders to secure a timely loan at favorable terms.”