Valley Industrial Deals: Developer Inks Refinancing for Fully-Leased Park

A development team has secured a $39 million refinance loan from Arizona Bank and Trust for the “Yuma|143” industrial park in Goodyear, a joint venture between Phoenix’s Baker Development Corp., New York’s Foundation Capital Partners, and GTIS Partners. The facility, valued over $80 million, comprises two large buildings and is fully leased to three tenants. The loan comes amid significant industrial rent increases and low vacancy rates in the southwest part of the Valley. Meanwhile, two major Glendale industrial projects have been sold for record prices in 2023, and overall investment sales in Q2 have seen a surge, though still declining from the previous year.

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