Westcore acquires state-of-the-art industrial development along Loop 303
Staff Reports | Digital Free Press
Cushman & Wakefield advised Westcore in arranging $73.3 million in acquisition financing for Hatcher Industrial, which is a newly constructed 906,125 square-foot, state-of-the-art industrial park in Glendale.
Built on a speculative basis, the two-building Class A project was completed in Q3-2023 and is currently vacant, Cushman & Wakefield officials say.
A Cushman & Wakefield Equity, Debt & Structured Finance team of Rob Rubano, Brian Share, Max Schafer and Becca Tse represented the borrower in the transaction. Will Strong, Kirk Kuller, Micki Strain, and Molly Hunt of the firm also provided local market advisory, according to a press release.
Situated on about 53 acres, Hatcher Industrial provides a strategic location within the highly sought-after Loop 303 Corridor of the southwest Valley of metropolitan Phoenix.
The project is adjacent to the BNSF Railroad and provides efficient access to all major West Coast distribution hubs and is surrounded by major corporate users and Fortune 500 companies.
“This was one of the most competitive debt marketing processes we’ve seen this year,” said Brian Share, executive managing director. “The story, deal profile, and sponsorship really resonated with lenders despite the capital markets headwinds. We’re thrilled with the outcome for Westcore.”
According to Cushman & Wakefield’s latest market stats, the industrial market has experienced a robust 13 and a half consecutive calendar years (2010 through Q2-2023) of positive net absorption totaling ±137 million square feet of growth.
Phoenix’s industrial market vacancy was a healthy 4.4% in Q2-2023 with a solid 7.1 million square feet of occupancy growth through the first half of the year.