JLL Capital Markets today arranged $15 million in joint venture capital and $23 million in financing for the development of KV Casa Grande, a 314,453-square-foot state-of-the-art industrial development in Casa Grande, Arizona. announced.
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JLL secured the loan through CrossFirst Bank and the equity through Blue Vista Capital Management on behalf of the borrower, Kentwood Ventures.
KV Casa Grande will be built on an 18.68 acre lot at the corner of Thornton Road. Key building features include 32ft high concrete track court (175ft), 28 dock level doors, 14 grade level doors and 339 parking spaces . The project will begin construction in April 2023 and is expected to be completed within the next year.
The development sits at the heart of Casa Grande’s expanding industrial sub-market, an extension of Phoenix’s Southeast Valley industrial market, which includes Tempe, Mesa, Chandler, Gilbert and Sky Harbor International Airports. Casa Grande has an industrial vacancy rate of 1.3%, limiting speculative construction. The Accelerated Growth Community is located at the intersection of I-8 (San Diego), I-10 (Phoenix/Tucson/Los Angeles), and SR85 (Mexico), providing efficient transportation throughout the Southwest region. In addition, the project will take place within Pinal County. Pinal County is one of the fastest growing counties in the country with 500,000 inhabitants and is projected to more than double by 2045.
JLL Capital Markets’ Debt and Equity Advisory team was led by Senior Director Jason Carlos and Associate Jarrod Howard. The leasing division will be led by Tony Lydon, John Lydon, Hagen Hyatt and Kelly Royle.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth knowledge of local markets and global investors provides clients with best-in-class solutions, whether investment sales and advice, debt advice, equity advice or recapitalization. The firm employs more than 3,000 of his capital markets professionals worldwide and has offices in approximately 50 countries.
