CBRE 'ices' $22M loan for cold storage facility in Phoenix

Independent Newsmedia
Posted 7/24/20

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.

To Our Valued Readers –

Visitors to our website will be limited to five stories per month unless they opt to subscribe.

For $5.99, less than 20 cents a day, subscribers will receive unlimited access to the website, including access to our Daily Independent e-edition, which features Arizona-specific journalism and items you can’t find in our community print products, such as weather reports, comics, crossword puzzles, advice columns and so much more six days a week.

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.

Sincerely,
Charlene Bisson, Publisher, Independent Newsmedia

Please log in to continue

Log in
I am anchor

CBRE 'ices' $22M loan for cold storage facility in Phoenix

Posted

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.

CBRE,

Comments