Gantry Arranges $17M in Acquisition Financing for Industrial Building in Phoenix

by Amy Works

PHOENIX — Gantry has secured $17 million in acquisition financing for a Class A industrial building located in Phoenix’s Southwest Industrial submarket. The borrower, Kaiser Industrial SPE, is purchasing the asset from an institutional seller for $31 million in an off-market transaction.

Developed by Sun State Builders in 2013, the 325,800-square-foot warehouse is located at 7400 W. Buckeye Road. At loan close, the property was fully leased to OnTrac and Vesta Foodservice. OnTrac, a third-party logistic provider, occupies 236,200 square feet, while Vesta Foodservice, a fresh produce and specialty grocery delivery service, occupies the remaining 89,600 square feet.

Situated on 18.7 acres, the property features 32-foot clear heights; ESFR sprinklers; evaporative coolers; a gate-secured, 180-foot truck court with concrete truck apron; 70 dock-high doors; and ample car and trailer parking stalls.

Tim Storey and Chad Metzger of Gantry’s Phoenix office secured the 10-year, interest-only loan through a correspondent life insurance company. Gantry will service the loan.

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