$99M construction loan secured for a 5-building industrial development

LOS ANGELES - September 19, 2022 – JLL Capital Markets announced today that it has arranged $99 million in construction financing for the Phase I development of Sossaman Park 202, a five-building industrial development totaling 828,718 square feet in Mesa, Arizona.

JLL worked on behalf of the borrower, a joint venture led by Contour, to secure the four-year, floating-rate loan, provided by Pacific Western Bank.

Once completed, the project will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130,318 square feet to 198,782 square feet. Each of the buildings will offer two grade-level doors, between 25-41 dock-high doors, 50’ x 52’ column spacing and 32’ clear height throughout. Sossaman Park 202 will be built in two phases with the second phase expected to include three additional buildings that will collectively total approximately 722,000 square feet. A portion of loan proceeds were used to fund the sponsor’s acquisition of the Phase II land.

The project is positioned on 108.9 acres at the southwest corner of Sossaman Rd. and Warner Rd. in the Chandler North/Gilbert submarket. Sossaman Park 202 is proximate to some of the region’s largest economic demand drivers, including Phoenix Sky Harbor International Airport (30 miles) and Phoenix-Mesa Gateway Airport (2.5 miles). Phoenix-Mesa Gateway Airport is the country’s only joint cargo hub, housing both United States and Mexican custom agents, allowing for the expedited shipment of goods. In addition, the project is adjacent to Loop-202, Phoenix’s main regional arterial, and connects to several other notable freeways, including Interstates 17 and 10 and Highway 60.

The JLL Capital Markets team representing the borrower was led by Senior Managing Director Jeff Sause, Managing Director Todd Sugimoto and Associate Wyatt Strahan with local support provided by Director Jason Carlos.

“High praise is due for all those involved, in particular Pacific Western Bank, who held deal terms negotiated in April through a very volatile market,” said Sause. “We believe that was a testament to the strength of the sponsorship and the great project that we have with Sossaman Park 202.”

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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