Cushman & Wakefield recently facilitated US $73.3 million of acquisition financing for Hatcher Industrial, a state-of-the-art industrial park in Glendale, Arizona.

The development spans 906,125 square feet and consists of two Class A buildings, completed in Q3-2023, with current vacancy.

A Cushman & Wakefield Equity, Debt & Structured Finance (EDSF) team of Rob Rubano, Executive Managing Director of EDSF Brian Share, Max Schafer, and Becca Tse represented the borrower in the transaction. Will Strong, Kirk Kuller, Micki Strain, and Molly Hunt of the firm also provided local market advisory.

Hatcher Industrial holds a prime location on approximately 53.5 acres in the highly sought-after Loop 303 Corridor of the Southwest Valley in Metro Phoenix. This area is known for its robust industrial market performance, attracting major corporate users and Fortune 500 companies. The project benefits from proximity to the BNSF Railroad, offering efficient access to key West Coast distribution hubs.

This was one of the most competitive debt marketing processes we’ve seen this year,” Share says. “The story, deal profile, and sponsorship really resonated with lenders despite the capital markets headwinds.

“This was one of the most competitive debt marketing processes we’ve seen this year,” observes Share. “The story, deal profile, and sponsorship really resonated with lenders despite the capital markets headwinds. We’re thrilled with the outcome for Westcore.”

Cushman & Wakefield’s latest market stats reveal impressive growth in the Phoenix Metro industrial market, with a remarkable thirteen and a half consecutive calendar years (2010 through Q2-2023) of positive net absorption totaling approximately 137 million square feet. As of Q2-2023, the industrial market vacancy in Phoenix stood at a healthy 4.4%, with a notable 7.1 million square feet of occupancy growth recorded in the first half of the year.