Developers plan to wrap up work on the Gilbert industrial facility by the end of next year. Image courtesy of JLL Capital Markets
A joint venture between Atlas Capital Partners and OakPoint has landed a five-year, fixed-rate, $12 million construction loan for a 60,500-square-foot industrial development in Gilbert, Ariz. The project is build-to-suit, with Frito-Lay having signed for 10 years. Core Bank provided the loan, according to public records. JLL Capital Markets represented the developer in the deal.
In 2022, the joint venture acquired the land for $4 million, public records also show. The tenant is expected to occupy the building by the end of 2024.
The facility is set to encompass 15 dock-high loading doors, two drive-in doors and 130-foot truck courts. The property will also include 51 car parking spots.
Developed on an 8.2-acre site, the warehouse will rise at the intersection of Nec Germann Road and Silverado Court in the Southeast Valley, roughly 3 miles form Chandler Municipal Airport and 10 miles from Phoenix-Mesa Gateway Airport. Downtown Gilbert is under 7 miles away, while downtown Phoenix is 28 miles northwest. Phoenix Sky Harbor International Airport is within 23 miles.
The JLL Capital Markets team that arranged the financing included Senior Director Jason Carlos and Associate Jarrod Howard. Executive Managing Director Steve Larsen and Managing Director Kyle Westfall led the leasing team.
Phoenix’s red-hot industrial pipeline
Atlas Capital Partners is currently working on another warehouse in the Phoenix market, CommercialEdge data shows. That property, located in Goodyear and dubbed Elwood Rising, will add 120,000 square feet to the firm’s portfolio. Completion is expected in the first half of 2024.
While the industrial market is recording some overall deceleration, Phoenix development remains red hot, thanks to the city’s growing manufacturing footprint, a spillover effect from the Greater L.A. area and the metro’s overall growth prospects. Metropolitan Phoenix had 46.6 million square feet of industrial space under construction as of September, the country’s largest pipeline, a recent report shows, surpassing all gateway markets and port-adjacent cities.
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In the simplest form, a ground lease is a long-term net lease (usually 49 years or 99 years) of land including any improvements on the said land. Assets that can be subject to a ground lease include but are not limited to, vacant land, office buildings, and large residential buildings.
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Read MoreDevelopment, Finance, Industrial, News, Phoenix, West, Atlas Capital Group, JLL Capital Markets, OakPoint Real Estate Commercial Property ExecutiveThe PepsiCo subsidiary signed for 10 years at the Phoenix property.
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