CBRE “ices” a loan of 22 million dollars for a cold warehouse in Phoenix
Independent news media
CBRE Capital Markets Debt & Structured Finance arranged a $ 22 million loan to acquire a 285,022 square foot cold store at 7000 W. Buckeye Road in Phoenix.
CBRE’s Bruce Francis, Robert Ybarra, Shaun Moothart, Dana Summers, Doug Birrell and Jim Korinek facilitated the loan on behalf of the borrower, which is a joint venture between Condor Cold Storage and AEW Capital Management, according to a press release.
“Given that we were in the midst of the Covid-19 pandemic, we have found that managing the loan marketing process to offer the client the best available terms has proven to be extremely helpful,” Mr. Ybarra said, of CBRE, in a prepared press release. .
“This still rings true today as the market continues to be fragmented. It’s amazing how varied the quotes can be from lenders on a particular asset. I’m glad we were able to offer the customer competitive options and perform where we did.
Condor Cold Storage is a division of real estate investment company Brookhollow that focuses on the acquisition and development of cold storage and food-related properties, the statement said.
The cold store is leased from Café Valley, which manufactures baked goods for in-store bakeries, clubs, foodservice and convenience stores around the world.
The property which was built in 2010 has a headroom of 36 feet and includes a combination of state-of-the-art office, warehouse, bakery, production and ammonia freezing facilities, added the press release.
“Given the uncertainty of the market and the lack of availability of capital today, compared to where the market was before Covid-19, the disparity in prices and terms is as great as we have it seen. Identifying the outlier lender is a bit like finding a needle in a haystack. Shaun Moothart, of CBRE, said in a prepared statement.