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November 29, 2023
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Arizona Industrial Project Secures $42.7 Mil in Construction Financing


SkyPlus Development Corp has obtained $42.7 mil in construction financing for two industrial buildings that will be part of Skybridge Arizona's master-planned development adjacent to the Phoenix-Mesa Gateway Airport in Mesa, AZ.

Situated on 28.50 acres, each building will be 250k sf and feature 32-foot clear heights, grade and dock high loading doors and ample parking immediately adjacent to Phoenix's second-largest airport. Construction is underway, with the timing for delivery of both buildings in the first quarter of 2024.

Bruce Francis, Doug Birrell, Bob Ybarra and Shaun Moothart with CBRE Capital Markets' Debt and Structured Finance team in Phoenix secured the three-year interest-only construction loan. According to Francis, this location has the unique advantage of being a joint U.S.-Mexico Customs inspection facility. As a tax-exempt property, future tenants will benefit from lower common area maintenance expenses associated with these buildings.

Once completed, the overall 363.5-acre development, South of Loop 202 in Mesa, will include 22 buildings for both aeronautical and commercial development. The industrial market is very active in the Southeast Valley, especially surrounding the airport, with 8 msf expected to come to market in the future, according to CBRE Research.

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