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8/18/23
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Phoenix-based Baker Development Corporation (BDC), and New York’s Foundation Capital Partners (FCP), along with joint venture partner GTIS Partners, have secured a $39 mil refi loan for Yuma|143, a recently completed, 490.3k sf, Class A industrial development in Goodyear, AZ. The project reached 100% occupancy just last week, with the last of three major lease commitments.
Yuma|143 is located at 14160 and 14170 W. Yuma Rd, immediately north of Phoenix Goodyear Airport and within two miles of Interstate 10. In early 2022, the project secured a full-building, 300.1k sf pre-lease for the entire 14170 building from HelloFresh subsidiary Factor 75 for its food processing operation, which includes a significant freezer-cooler component. That commitment is expected to generate approximately 800 or more new local jobs.
The adjacent, 190.2k sf 14160 building is fully leased to two tenants. Maryland-based Apex Tool Group has leased 131.4k sf to support its power and hand tool manufacturing operation. Just last week, Washington-based Romac Industries Inc also announced its commitment to the building, entering the Arizona market with a 58.8k sf lease for a new manufacturing facility that just began operations and brings the entire project to 100% occupied.
Features of Yuma|143 include up to 40’ clear heights, insulated dock-high and grade-level doors, full concrete truck courts, clerestory windows and generous parking. It is located within a Foreign Trade Zone, allowing up to a 72% reduction in real and personal property tax.
Butler Design Group served as the project architect for Yuma|143. The engineer was Hunter Engineering. Anthony Lydon, Marc Hertzberg, Riley Gilbert and John Lydon of JLL are the project’s exclusive leasing brokers.
According to JLL data, the metro Phoenix industrial vacancy rate fell to just 3.1% as of the end of Q2 2023, driven by the logistics, e-commerce and advanced manufacturing industries.
Yuma|143 is one of eight industrial developments completed or underway by BDC. The project is preceded by VB|143, a 325k sf BDC and FCP-developed industrial project also located in Goodyear. BDC is currently underway on Cactus 303, totaling 81 acres and 1 msf fronting the Loop 303 in Surprise, Arizona. Last year it also purchased 30.1 acres northeast of Sky Harbor Airport suitable for a major infill office, industrial or mixed-use user.
The Yuma|143 refinance loan was arranged by Dustin Stolly, Jordan Roeschlaub, Chris Kramer and Tim Polglase with Newmark Debt and Structured Finance. Arizona Bank and Trust provided the loan.
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