Phoenix industrial on this page means property inside the city: Sky Harbor, Deer Valley, and the other Phoenix warehouse and flex submarkets sponsors name. Capital Market Funds originates life company, bank, CMBS, or bridge from Scottsdale. Fannie Mae is not an industrial program.
The published card is dual-tenant industrial, about 90,000 square feet, Phoenix, $5,000,000, life company, permanent cash-out, 2019, prior firm. Three flex buildings in Scottsdale Airpark, $6,850,000, are a different city and a different page. A Fresno cold-storage origination is California.
Two tenants versus a multi-tenant park
The Phoenix card is dual-tenant. Credit is concentrated. A multi-tenant Phoenix park with short bays is a different rollover story and does not inherit this loan. We underwrite the leases in the file, including term, bumps, and whether either tenant is the sponsor.
Owner-user industrial can be a bank conversation when an insurance company wants a third-party lease. The published card does not say owner-user. We will not add that.
Cash-out, purchase, and bridge
The purpose line is permanent cash-out. A Phoenix industrial purchase is Phoenix acquisition, and no Phoenix purchase is published. Bridge is for a vacant bay, a short remaining term, or a contract date. It is not a second description of the 2019 life-company loan.
Tolleson logistics and Glendale industrial are west of the city limits when the address says so. They are not this page.
Grand Avenue and west Phoenix
Grand Avenue is both an industrial submarket of warehouses and, in stretches, a corridor of small shops and older mixed-use buildings. A truck door and a storefront on the same avenue are not the same rent roll. West Phoenix is the broader west-side mix of industrial, retail, and older office. Pick the building type before you pick the capital source. This page is the industrial reading. A west-side shop belongs with Phoenix retail.