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9/20/22
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A Contour-led venture has obtained $99 mil in construction money for Phase I development of Sossaman Park 202, a five-building industrial development totaling 828.7k sf in Mesa, AZ.
Once completed, the project will include a mix of light industrial, warehousing and distribution buildings ranging in size from 130.3k sf to 198.8k sf. 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 722k sf. 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.
Jeff Sause, Todd Sugimoto, Wyatt Strahan and Jason Carlos with JLL Capital Markets arranged the four-year, floating-rate loan. It was funded through Pacific Western Bank.
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