Phoenix industrial portfolio refinanced for $16.12M
JLL Capital Markets arranged the loan for the seven-building light industrial portfolio
PHOENIX, August 11, 2020 – JLL Capital Markets announced today that it has arranged a $16.12 million refinancing for a seven-building light distribution and manufacturing portfolio totaling 274,429 square feet in Phoenix, Arizona.
JLL worked on behalf of the borrower, a partnership between Phoenix-based Bird Dog Industrial, HPI Real Estate Services and Investment and Long Wharf Capital, to place the five-year, fixed-rate, non-recourse loan with a correspondent life insurance company. Loan proceeds will be used to take out the existing credit facility.
The Phoenix light industrial portfolio is situated on 16.12 acres at 10950 W. Northview Ave. in Glendale; 235 E. Pima St. in Phoenix; and 481 N. Dean Ave, 5740 W. Oakland St. and 5753, 5763 and 5773 W. Erie Streets in Chandler. The properties are strategically positioned in in-fill industrial submarkets throughout Phoenix with a strong employment base and access to major transportation lanes. The portfolio is 54.6% leased to three national tenants. The borrower is in the final stage of completing value-add improvements totaling approximately $1.725 million across the portfolio.
“We purchased each of these properties individually based on their common value-add attributes, including deferred improvements, existing vacancy and below-market rents,” said Mark Sonnenberg, President of Bird Dog Industrial. “After completing significant improvements, we’re excited to be re-introducing these properties to the leasing market.”
The JLL Capital Markets debt placement team representing the borrower was led by Managing Director Casey Wenzel, Senior Managing Directors Aldon Cole and Jeremy Womack and Analyst Alastair Barnes.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Bird Dog Industrial
Bird Dog industrial is a Phoenix-based entrepreneurial real estate investment firm that acquires, repositions and develops industrial properties with a focus on maximizing investor returns through creative and value-add opportunities.
About HPI Real Estate Services and Investment
HPI is a full-service commercial real estate firm with over 28 years of experience developing, managing and investing in commercial real estate. This 360-degree perspective gives HPI the expertise to maximize investment value while navigating through any real estate challenge. Backed by the best staff in the industry, HPI’s mission is to build trusting relationships with its clients through proven results, professional integrity and exceptional service.
About Long Wharf Capital
Long Wharf Capital LLC is a Boston-based private equity real estate manager focused exclusively on value-added investments in the U.S. Formed in 2011, the firm invests on behalf of institutional clients including pension funds, endowments, foundations, and family offices. Long Wharf’s investment approach utilizes multiple value creation strategies to target opportunities across property sectors and U.S. markets. Since Long Wharf’s first fund in 2012, the team has invested over $768 million of equity in more than 50 investments across the U.S. with a gross value of $2.6 billion. For further information, visit longwharf.com.