CBRE Capital Markets Debt & Structured Finance arranged a $22 million loan to acquire a 285,022-square-foot cold storage facility 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 found that running the marketing process for the loan to bring the client the best terms available proved extremely valuable,” said Mr. Ybarra, of CBRE, in a prepared statement.
“This still rings true today as the market continues to be fragmented. It’s amazing how varied quotes can be coming from lenders on a particular asset. I’m glad we were able to bring the client competitive options and execute where we did.”
Condor Cold Storage is a division of real estate investment firm Brookhollow that focuses on the acquisition and development of cold storage and food related properties, the release said.
The cold storage facility is leased to Café Valley, which produces bakery products for in-store bakeries, club stores, food service and convenience stores worldwide.
The property that was built in 2010 features 36-foot clear height and is comprised of a combination of office, warehouse, baking, production and state-of-the-art ammonia freezer facilities, the release added.
“Given the uncertainty in the market and lack of capital availability today, compared with where the market was pre-Covid-19, the disparity of pricing and terms is as great as we have seen. Identifying the outlier lender is much like finding a needle in the haystack.” said Shaun Moothart, of CBRE, in a prepared statement.