Property Type Industrial
Financing Type Acquisition
Date January 4, 2021
The property is located in the heart of Phoenix’s Southwest industrial submarket.
Phoenix (January 4, 2021) – Gantry, the largest independent commercial mortgage banking firm in the U.S., secured an acquisition loan for a 376,760-square-foot warehouse/distribution building in Phoenix, AZ. 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 has a fenced and secured site with a guard kiosk and offers numerous Class A features that include 30-foot clear heights, an ESFR sprinkler system, 118 dock-high doors, 140-foot and 192-foot truck courts, 50- by 48-foot column spacing, and an ample number of trailer and car parking stalls.
The property is located two miles south of Interstate 10 and between 51st and 43rd Avenues, in the heart of Phoenix’s Southwest industrial submarket. Additionally, the property is located near facilities of several corporate giants including Amazon, FedEx, Home Depot, Target, WinCo, PepsiCo, and numerous others.