Panattoni Development Co Secures $58.7 Million Loan For Northern Parkway Logistics Center In Glendale AZ

Panattoni Development Co. has secured a refinancing deal for a property located at 12815 & 12795 West Northern Avenue, Glendale, AZ. The asset encompasses an industrial campus with a total square footage of 445,187 and involves three buildings. The total loan amount is $58.7 million, categorized as a refinance with a term of three years.

Summary of transation details:

• Property Type: Industrial
• Transaction Amount: $58,700,000
• Loan Type: Refinance
• Loan Terms: 3-year
• Lender: Ronnie Gul & Raphael Fishbach - Mesa West Capital
• Landlord: Adon Panattoni - Panattoni Development Co
• Brokers: Jason Carlos, Frank Choumas, Ross Jorgensen & Andrew Mings - JLL
• Market: Glendale, AZ
• Asset Size: 445,187 SF
• Property Lease Status: 57.9% leased at closing
• Purpose of Loan: Support lease-up and stabilization
• Property Development Year: 2025 developed

This refinancing was arranged by JLL Capital Markets, showcasing the collaboration between key players in the transaction. The loan aims to enhance the leasing and stabilization efforts for the Northern Parkway Logistics Center, reflecting the strategic initiatives of Panattoni Development Co. within the industrial market.