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November 30, 2023
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Kentwood Ventures Lands Financing for 260k sf AZ Spec Industrial Project


Kentwood Ventures has obtained $22.75 mil in construction money for the development of Verrado – 10 Industrial, a 259.6k sf, two-building spec industrial project in Buckeye, AZ. The state-of-the-art distribution, R&D and light manufacturing development is situated on 18.68 acres at the southwest corner of West Roosevelt St and North Verrado Way.

The project will provide future tenants immediate access to I-10 and proximity to AZ Loop-303. This will enable connectivity to anywhere within the Phoenix MSA in under one hour and to major West Coast markets such as Albuquerque, Las Vegas, San Diego, Los Angeles and El Paso within a one-day drive and, in some cases, allow for same-day round-trip deliveries.

Additionally, Buckeye is positioned within the CANAMEX Corridor, which, when completed between 2030 and 2040, will enable Interstate 11 to pass through Buckeye, creating critical supply-chain infrastructure linking Canada and Mexico.

With an anticipated completion date of March 2023, Verrado – 10 Industrial will be constructed with features such as a rear-load configuration, 28-foot clear heights, 32 drive-in doors and ample parking.

Jason Carlos, Jarrod Howard and Joe Torkelson with JLL Capital Markets arranged the five-year (inclusive of extensions), floating-rate construction loan through CIBC Bank USA.
According to JLL Research, Phoenix’s West Valley Industrial submarket saw a substantial increase year-over-year for direct asking rent, and vacancy is at a low 7.6% at the end of the fourth quarter of 2021.

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