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October 22, 2020
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Douglas Allred Company Secures $185 Mil for Three-Building, 352k sf Project in Chandler, AZ


Douglas Allred Company has obtained a $185 mil loan for the recently completed Northrop Grumman Innovation Systemsí campus in Chandler, AZ. The development comprises a three-story, Class A, office building totaling 352.5k sf and a manufacturing building totaling 269.9k sf.

Eric Flyckt, Wyatt Campbell and Casey Allred NorthMarq Capital arranged the loan, which has a fixed rate and a 23-year amortization schedule. It was funded through a life insurance company.

The campus serves as Northrop Grumman Innovation Systemís Launch Vehicle Division Headquarters. They are a global leader in aerospace and defense technologies. The launch vehicles are designed and manufactured in the new campus to transport cargo to the International Space Station, launch satellites and defend the nation.

The campus is located within Douglas Allred Companyís Park Place business park. Park Place is a 200-acre park situated in the highly desirable Price Road corridor at the intersection of the Loop 101 and 202 freeways, one of the fastest growing employment corridors in Metropolitan Phoenix. The corridor is home to leading-edge companies involved in financial services, technology, life sciences and other industries needing a skilled and educated workforce.

Allred began assembling the land for Park Place in 2007 and in December 2018 closed on their eighth land acquisition. In addition to the Northrop Grumman campus, Allred has developed 10 other office buildings in Park Place. In total, these projects comprise over 1,500,000 sq. ft. of space which are 96 percent leased. In addition to Class A office buildings, this master-planned park includes restaurants and hotels.

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