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Dustin Stolly
|
PHOENIX, AZ –
Phoenix-based Baker
Development Corporation (BDC), and New York’s Foundation Capital
Partners (FCP), along with joint venture partner GTIS Partners, have secured a
$39 million refinance loan for Yuma|143, a recently completed, 490,278-square-foot
Class A industrial development in Goodyear, Arizona.
The project reached 100% occupancy just last week, with
the last of three major lease commitments.
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| Jordan Roeschlaub |
The Yuma|143 refinance loan was arranged by Newmark Debt
and Structured Finance Co-Presidents Dustin Stolly and Jordan Roeschlaub,
Executive Managing Director Chris Kramer and Associate Tim Polglase.
Arizona Bank and Trust provided the loan.
Butler Design Group served as the project architect
for Yuma|143. The engineer was Hunter Engineering. Anthony Lydon, Marc
Hertzberg, Riley Gilbert and John Lydon of JLL are the project’s exclusive
leasing brokers.
“Yuma|143 is a tremendous product in a prime location that
was developed, leased and stabilized by an exceptional project team,” said Baker
Development Corporation’s Principal Daniel J. Slack.
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| Chris Kramer |
“This loan – secured in the current, challenging lending
environment – is a testament to the knowledge and relationships of this
collective group and the powerhouse status enjoyed by the Phoenix industrial
market.”
Yuma|143 is located at 14160 and 14170 W. Yuma Rd.,
immediately north of Phoenix Goodyear Airport and within two miles of
Interstate 10.
In early 2022, the
project secured a
full-building, 300,100-square-foot pre-lease for
the entire 14170 building from HelloFresh subsidiary Factor 75 for its food
processing operation, which includes a significant freezer-cooler component.
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Tim Polglase
|
That commitment is expected to generate approximately 800
or more new local jobs.
The adjacent, 190,178-square-foot 14160 building is fully
leased to two tenants.
Maryland-based Apex Tool Group has leased 131,351 square feet
to support its power and hand tool manufacturing operation.
Just last week, Washington-based Romac Industries Inc.
also announced its commitment to the building, entering the Arizona market with a 58,827-square-foot
lease for a new manufacturing facility that just began operations and brings
the entire project to 100% occupied.
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Daniel J. Slack
|
“Goodyear’s combination of location, abundance of land and
cost saving initiatives create strategic opportunities that continue to attract
businesses to the market and propel new development,” said Roeschlaub.
“The future of
Yuma|143 is anchored by those advantages. We are pleased to contribute to its
ongoing success.”
Features of Yuma|143 include up to 40’ clear heights,
insulated dock-high and grade-level doors, full concrete truck courts,
clerestory windows and generous parking.
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| Anthony Lydon |
It is located
within a Foreign Trade Zone, allowing up to a 72 percent reduction in real and
personal property tax.
According to JLL data, the metro Phoenix industrial vacancy
rate fell to just 3.1 percent as of the end of Q2 2023, driven by the
logistics, e-commerce and advanced manufacturing industries.
Yuma|143
is one of eight industrial developments completed or
underway by BDC. The project is preceded by VB|143, a 325,000-square-foot BDC
and FCP-developed industrial project also located in Goodyear.
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| John Lydon |
BDC is currently
underway on Cactus 303, totaling 81 acres and 1 million square feet fronting
the Loop 303 in Surprise, Arizona.
Last year it also purchased 30.1 acres northeast of Sky
Harbor Airport suitable for a major infill office, industrial or mixed-use
user.
CONTACT:
Stacey Hershauer
focusAZ
