Tempe industrial is usually smaller than the west-side logistics buildings sponsors compare it to. Priest Drive, the stretch along the I-10, and the rail-served pockets south of the lake are infill: tighter truck courts, more flex office, and tenants who serve the airport and the university trade area. The building may feel close to Sky Harbor. If the address is Tempe, the loan is Tempe.
No industrial tombstone names Tempe. The $5,000,000 life-company cash-out is Phoenix. The $6,850,000 Airpark flex refinance is Scottsdale. The Tempe card on the site is dental office, $745,000. A dental suite is not a warehouse. Arizona industrial holds those two industrial cards. This page does not reprint them as Tempe production.
Flex in Tempe is not Airpark
Airpark flex is three Scottsdale buildings on a life-company refinance. Tempe flex, often a higher office finish on a smaller footprint, does not inherit that $6,850,000. We underwrite the Tempe leases in front of us.
Agency debt does not finance this asset. Fannie Mae and Freddie Mac are multifamily. We are not a Fannie Mae DUS lender on the apartments we do originate, and we do not import that label onto a Tempe warehouse.
Purchase timing on a small Tempe building
Infill Tempe industrial often has to close on a contract date a life company will not meet. That is bridge, with the permanent takeout named, sourced from private investors. It is not Capital Market Funds lending its own paper, and it is not construction.
Chandler’s Price Road cards are office. They are not a substitute when a Tempe bay is vacant. Say which bay is dark. Craig will not quote the building as stabilized.
Tempe Southwest industrial
Tempe Southwest is the broker name for industrial in the south and west part of Tempe, warehouses and flex rather than Mill Avenue shops or lake-edge office. If the building has dock doors, start here. If it has restaurant seats, it is not this page because it sits in Tempe.
Tempe industrial: Industrial underwriting, in the order it is read
Tempe sits between Phoenix, Mesa, Chandler, and Scottsdale. Light rail and the lake do not decide agency versus bank. The address and the occupancy do. Source: City of Tempe.
Tenant and term
Credit tenant, multi-tenant, or owner-user changes the source. Life company and bank want a lease roll they can hold. CMBS is the stretch when proceeds or structure will not fit those boxes.
Not an agency program
Fannie Mae and Freddie Mac are multifamily. A warehouse does not become an agency loan because it is in a logistics city.
Capital for Tempe industrial
| Source | When it fits |
|---|---|
| Life company | Stabilized Tempe flex or warehouse. Not the Airpark loan. |
| Bank and credit union | A smaller Tempe industrial hold, including some owner-user files. |
| CMBS | When the Tempe proceeds need a conduit box. |
| Bridge | A Tempe contract date or a bay that is not leased. |