Logistics Project secures $53.5M financing in Glendale 303
Special to Independent Newsmedia
Posted 4/12/23
Northern Parkway Logistics Center, on the west end of Glendale near the Loop 303 Corridor, secured $53.55 in construction financing. (Cushman & Wakefield, courtesy)
BUSINESS
Logistics …
You must be a member to read this story.
Join our family of readers for as little as $5 per month and support local, unbiased journalism.
Current print subscribers can create a free account by clicking here
Otherwise, follow the link below to join.
To Our Valued Readers –
Visitors to our website will be limited to five stories per month unless they opt to subscribe. The five stories do not include our exclusive content written by our journalists.
For $6.99, less than 20 cents a day, digital subscribers will receive unlimited access to YourValley.net, including exclusive content from our newsroom and access to our Daily Independent e-edition.
Our commitment to balanced, fair reporting and local coverage provides insight and perspective not found anywhere else.
Your financial commitment will help to preserve the kind of honest journalism produced by our reporters and editors. We trust you agree that independent journalism is an essential component of our democracy. Please click here to subscribe.
Northern Parkway Logistics Center, a 676,169-square-foot speculative industrial project in Glendale, procured $53.55 million in construction financing for development along the Loop 303 corridor.
Cushman & Wakefield served as the exclusive adviser to Echo Real Estate Capital Inc. & Grandview Partners in securing the financing. The lender is PCCP LLC.
Situated on nearly 40 acres, Northern Parkway Logistics Center will consist of two Class-A industrial buildings: a 220,240-square foot rear load building and a 455,935-square foot cross dock building.
The project will include 32-40-foot clear heights, loading and trailer parking, fully gated and secured concrete truck courts, above-market power, and ample parking.
The project’s general contractor is LGE Design Build.
“Capital markets are choppy, but debt capital remains available for the right projects,” Brian Share, of Cushman & Wakefield Equity, Debt & Structured Finance team, shared in a statement. “Northern Parkway represents the best of what lenders want today: a quality project and location in a market with strong fundamentals, solid underwriting metrics, and experienced sponsorship.”
