Panattoni Development Company has refinanced Northern Parkway Logistics Center in Glendale, Arizona with a $58.72 million loan, according to JLL Capital Markets. The Class A industrial portfolio totals 445,187 square feet across three buildings at 12815 W. Northern Ave. and 12795 W. Northern Ave., within a larger master-planned logistics setting in Phoenix’s West Valley.
Completed in 2025, Northern Parkway Logistics Center spans approximately 30 acres inside the Northern Parkway Logistics Hub. The project is designed for modern logistics, distribution, manufacturing and other industrial uses, incorporating institutional-quality specifications suited to a range of occupier requirements. At the time the refinancing closed, the portfolio was 57.9% leased, indicating that more than half of the space had been committed while lease-up efforts continue.
The location offers direct access to the region’s primary transportation routes. Northern Parkway Logistics Center sits between Loop 101 and Loop 303, key freeway corridors that support efficient truck movement and regional connectivity. From this position in the West Valley, the property provides access across Metro Phoenix as well as to major markets throughout the Western United States, supporting tenants with regional and multi-state distribution needs.
JLL Capital Markets arranged the refinancing on behalf of Panattoni. The JLL team was led by Senior Director Jason Carlos, with Associate Frank Choumas, Analyst Ross Jorgensen and Analyst Andrew Mings also involved in the assignment. The team secured a three-year, floating-rate loan through Mesa West Capital.
The refinancing highlights ongoing capital availability for modern industrial assets in established logistics hubs. With a recently delivered, Class A portfolio that is more than half leased, Panattoni was able to obtain a sizable floating-rate facility that aligns with a near-term horizon for lease-up and stabilization.
