$96.5M construction loan arranged for ViaWest Group logistics development near Phoenix
JLL Capital Markets led financing efforts for The Base, Phase I, an industrial complex in Arizona
PHOENIX, Sept. 26, 2023 – JLL Capital Markets announced today that it arranged $96.5 million in construction financing for The Base, Phase I, a seven-building logistics development totalling 1.2 million square feet in Glendale, Arizona.
JLL represented the borrower, ViaWest Group, and secured the construction loan from Bank OZK.
Situated on 82.55 acres, the state-of-the-art facility will feature buildings between 80,000 and 310,000 square feet with clear heights up to 36 feet. There will be 105 trailer parking spaces and 1,325 auto parking spaces on site with 236 dock-high doors, 38 grade level doors in rear-load and cross-dock configurations. Building sizes were designed to accommodate a wide range of divisibility between 20,000 square feet and full-building users up to 310,000 square feet. The Base, Phase I, is expected to be delivered in the fourth quarter of 2024.
The project will be located at the NWC of Litchfield Rd. and Bethany Home Rd. in the West Valley of Phoenix, home of the booming Loop 303 industrial corridor. The Base benefits from its proximity to the Phoenix freeway network, which provides strategic connectivity throughout the Metro and major West Coast markets via Loop-303, I-10 and Loop-101.
The West Valley market area is comprised of the Southwest, Northwest and Grand Avenue Industrial submarkets. Phoenix’s West Valley is viewed by the industrial sector as an extension of the Southern California/Inland Empire Industrial market due to its relatively low cost and ability to drive round-trip to Southern California while staying within the federal 11-hour daily driving limit.
The JLL Capital Markets Debt Advisory team was led by Executive Managing Director Kevin MacKenzie, Senior Director Jason Carlos and Associate Jarrod Howard.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About ViaWest Group
Established in 2003, ViaWest Group is a Phoenix-based, full-service commercial real estate investment, development, and property management firm. ViaWest Group is one of the fastest growing real estate investment companies in the Southwestern U.S. with over $2.8 billion in aggregate transactions since inception, 11.9+ million square feet owned, managed and under development, with offices in Phoenix and Denver. ViaWest Group is currently seeking to acquire and develop office, industrial, and multi-family buildings and land parcels in the Southwestern U.S. Visit our website viawestgroup.com
About Bank OZK
Bank OZK (Nasdaq: OZK), through its Real Estate Specialties Group (RESG), provides financing on commercial real estate projects throughout the nation. RESG is considered a preeminent, market-leading construction lender focused on senior secured financing for a variety of property types including mixed use, multifamily housing, condominiums, office, hospitality, life sciences, industrial and retail. During the five years ended June 30, 2023, RESG originated approximately $40.6 billion in new loans. For more information, visit ozk.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.