Cushman & Wakefield’s team arranged $73.3 million of debt, enabling Westcore to acquire a newly constructed 906,000 square foot industrial park in Glendale. The two-building Class A project was built on a speculative basis and remains vacant. Situated on 53.5 acres within the Loop 303 Corridor of the Southwest Valley of Metro Phoenix – one of the fastest growing and strongest performing industrial markets in the country – Hatcher Industrial is adjacent to BNSF Railroad for efficient access to all major West Coast distribution hubs while surrounded by major corporate users and Fortune 500 companies alike.
Brian Share from C&W commented: “This was one of the most competitive debt marketing processes we’ve seen this year; The story, deal profile, and sponsorship really resonated with lenders despite capital markets headwinds which resulted in an outstanding outcome for Westcore.”
Westcore recently acquired Hatcher Industrial – a 900K SF business park located in Glendale – through an arrangement facilitated by Cushman & Wakefield worth $73 million dollars that enabled them to purchase it from its previous owner speculatively as it remains vacant today upon completion due its strategic location within Metro Phoenix’s Loop 303 Corridor; One of America’s fastest growing industrial areas boasting many Fortune 500 companies nearby as well as easy access via BNSF Railroad connecting directly into all major west coast distribution hubs making it highly sought after amongst potential buyers who were willing to compete fiercely during this transaction according market expert Brian Share at C&W who noted that “the story behind this deal along with its profile made such an impression on lenders even amidst current economic conditions”.
