Cushman & Wafkield shepherds CapRock purchase of Chandler, Mesa properties
Staff Reports | Digital Free Press
Cushman & Wakefield advised CapRock Partners, a privately owned investor and developer of industrial real estate, in securing a total of approximately $64.1 million in financing for the acquisition of a Class A industrial portfolio comprising two newly built, multi-building business parks totaling 562,969 square feet in Chandler.
The assets included Chandler Airport Business Park totaling 318,683 square feet in the city of Chandler and Longbow Industrial Center totaling 244,286 square feet in the city of Mesa. The two premier projects were both recently delivered in 2024 with leasing activity underway.
A Cushman & Wakefield equity, debt & structured finance team of Rob Rubano, Brian Share, Max Schafer, Lars Weston, and Billy Coyle represented the borrower in both financing transactions.
Will Strong, Molly Hunt and Michael Matchett of Cushman & Wakefield’s national industrial advisory group —mountain west also provided market advisory.
A $38.5 million floating-rate, bridge loan for Chandler Airport Business Park was provided by funds and accounts managed by BlackRock’s US real estate debt team in March, and an approximately $25.6 million floating-rate, bridge loan for Longbow Industrial Center was provided by California Bank & Trust in May.
“We’re thrilled to have helped CapRock execute these financings and grow their presence in the Southeast Valley,” said Brian Share, executive managing director, who led the financing effort. “The depth of bridge lenders that quoted competitive pricing and proceeds was encouraging, a testament to the quality of the assets and CapRock sponsorship. Institutional debt capital still wants to deploy in Phoenix for the right projects.”
The transaction was a unique acquisition of two newly developed state-of-the-art industrial assets that have been thoughtfully designed to meet the demand for Class A product offering modern logistical features and functionality.
Located approximately 20 miles apart, both parks are strategically positioned along major arterials in the highly sought after Loop 202 Corridor of the Southeast Valley of Phoenix, one of the highest-growth industrial markets in the Phoenix MSA with efficient access across the region and major West Coast distribution hubs and critical ports.
“The Southeast Valley is a preferred industrial submarket within metro Phoenix for high-tech, manufacturing, R&D, and e-commerce users and the area has been the target of more corporate relocations than any other region in the metro,” Mr. Strong said. “As one of Phoenix’s highest barrier-to-entry areas, it is also one of the most difficult to acquire or develop new buildings as the area is essentially built-out and land costs are high.”
