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FINANCING NEWS
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Echo Real Estate Capital Inc and Grandview Partners to Build 676k sf Spec Industrial Project in Arizona

4/14/23

Echo Real Estate Capital Inc and Grandview Partners plan to develop a 676.2k sf spec industrial project in Glendale, AZ to be called Northern Parkway Logistics Center. Construction of the project is being financed with a $53.55 mil loan provided by PCCP LLC.

Situated on 38.6 acres, Northern Parkway Logistics Center will consist of two Class A industrial buildings: a 220.2k sf rear load building and a 455.9k sf cross dock building. The project will include state-of-the-art features and functionality, including 32’-40’ clear heights, excellent loading and trailer parking, fully gated and secured concrete truck courts, above-market power, and ample parking. The project’s general contractor is LGE Design Build, one of the region’s most decorated general contractor and design firms.

Cushman & Wakefield’s Rob Rubano, Brian Share, Max Schafer and Michael Gianesello arranged the loan. Will Strong, Kirk Kuller, Micki Strain, and Molly Hunt, also with C&W, provided local market advisory.

“Capital markets are choppy, but debt capital remains available for the right projects,” said Share. “Northern Parkway represents the best of what lenders want today: a quality project and location in a market with strong fundamentals, solid underwriting metrics, and experienced sponsorship.”

The Loop 303’s connectivity to Interstates 10 and 17 creates excellent transportation and employment opportunities in the Phoenix metro while other major consumer markets are easily accessible via I-10. The critical ports of Long Beach and Los Angeles are also less than six hours away by vehicle.

According to Cushman & Wakefield’s Q4-2022 market report, direct industrial vacancy in the overall Phoenix market was a healthy 4.4%. Vacancy in the Southwest Valley submarket, where Northern Parkway Logistics Center is located, was 4.6%. The Phoenix market saw a robust 21.7 msf of occupancy growth in 2022, with the Southwest Valley submarket accounting for 15.8 msf.





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