Grand Avenue is the industrial spine sponsors mean when they say Glendale warehouse: older buildings, a mix of contractors and distribution, and truck access that is not a new Tolleson cross-dock. The Loop 101 edge of Glendale is a different building than a Grand Avenue bay. Capital Market Funds originates life company, bank, CMBS, or bridge. Fannie Mae is not an industrial execution.
The Phoenix industrial card is dual-tenant, about 90,000 square feet, $5,000,000, life company, 2019. It names Phoenix. If the parcel is inside Glendale, that dollar does not follow it. Airpark flex is Scottsdale. Tolleson has its own city page because the logistics belt next door is not Glendale. Arizona industrial holds the two Arizona industrial cards we can publish.
Grand Avenue versus a new cross-dock
A multi-tenant Grand Avenue building with short bays is rollover risk. A larger Glendale distribution building with one or two tenants is concentration risk. We underwrite the leases that exist. We do not publish a Glendale industrial dollar to smooth that over.
Owner-user industrial in Glendale is often a bank or credit union file. The Phoenix card does not say owner-user, so it is not a template for that structure.
Tolleson is the next city, not a synonym
Sponsors blur Glendale and Tolleson because both sit on the west side. The address does not blur. A Tolleson warehouse is not this page. A Glendale address is not a Tolleson loan.
Bridge fits a Glendale bay that is vacant or a purchase that has to close before a life company can finish. Construction is not the product. Private capital is sourced from investors, not from Capital Market Funds’ balance sheet.