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9/27/23
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ViaWest Group has obtained $96.5 mil in construction financing for The Base, Phase I, a seven-building logistics development totalling 1.2 msf in Glendale, AZ. The financing was arranged by JLL Capital Markets and funded by bank OZK.
Situated on 82.55 acres, the state-of-the-art facility will feature buildings between 80k sf and 310k sf with clear heights up to 36 feet. There will be 105 trailer parking spaces and 1,325 auto parking spaces on site with 236 dock-high doors, 38 grade-level doors in rear-load and cross-dock configurations. Building sizes were designed to accommodate a wide range of divisibility between 20k sf and full-building users up to 310k sf. The Base, Phase I, is expected to be delivered in the fourth quarter of 2024.
The project will be located at the northwest corner of Litchfield Rd and Bethany Home Rd in the West Valley of Phoenix, home of the booming Loop 303 industrial corridor. The Base benefits from its proximity to the Phoenix freeway network, which provides strategic connectivity throughout the Metro and major West Coast markets via Loop-303, I-10 and Loop-101.
The West Valley market area is comprised of the Southwest, Northwest and Grand Avenue Industrial submarkets. Phoenix’s West Valley is viewed by the industrial sector as an extension of the Southern California/Inland Empire Industrial market due to its relatively low cost and ability to drive round-trip to Southern California while staying within the federal 11-hour daily driving limit.
Kevin MacKenzie, Jason Carlos and Jarrod Howard with JLL Capital Markets Debt Advisory arranged the loan.
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