$12.5M acquisition financing secured for an industrial warehouse in Phoenix

DENVER, Mar. 11, 2024 – JLL Capital Markets announced today that it arranged $12.5 million acquisition financing for 2632 East Chambers, a 114,907-square-foot industrial warehouse in Phoenix, Arizona.

JLL, who represented the borrower MDC Realty Advisors and their partner Mancal Properties, secured the interest-only, fixed-rate loan from a correspondent insurance company.

The asset is fully leased to a single tenant and boasts 28-foot clear heights, six dock doors, six drive-in doors and 131 parking spaces. The current tenant inked a long-term lease as part of the transaction and will continue their long-standing history at the property.

2632 East Chambers St. is located in the Sky Harbor Airport Market, one of the most desirable locations in the Phoenix Metro area due to its high connectivity through the Phoenix freeway network and central location proximate to both Downtown and Phoenix Sky Harbor International Airport. Situated 2.5 miles from I-10 and four miles from US-60, the location offers extraordinary access to Phoenix and other major cities in the Southwest US.

The MDC Realty Advisors team was led by one of its principals, Allan Okabe, who remarked, “We are excited to add 2632 East Chambers to our growing portfolio of quality assets in Phoenix, AZ. This transaction is a continuation of our program of acquiring high-quality, well-located industrial assets in our core US markets. We wish to thank our partners at Mancal and JLL for their efforts in completing this financing in conjunction with our acquisition of this asset.”

The JLL Capital Markets team was led by Director Will Haass and Executive Managing Director Eric Tupler.

“MDC has a proven track record of acquiring quality assets in this submarket, and 2632 Chambers is another testament to MDC’s successful strategy,” said Haass. “Capital providers were attracted to the superior location and tenancy of this asset and our life company partner did a phenomenal job executing the financing at favorable terms.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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MDC Realty Advisors has over two decades of experience in commercial real estate across Western Canada and the U.S., specializing in the acquisition, development, and management of various assets for both institutional and private investors. They offer a broad range of investment opportunities and are equipped to handle projects of different sizes and types. Leveraging their extensive network and expertise in investment management, MDC provides comprehensive services including due diligence and feasibility analysis to meet clients' specific needs and maximize returns. For further news about MDC, please visit our website at mdcra.com/news.

Established in 1999, Mancal Properties stands as a distinguished privately owned real estate firm renowned for its extensive portfolio comprising core and core-plus industrial assets across Western Canada, Colorado, and Arizona. Our enduring commitment to growth and expansion beyond Western Canada underscores our dedication to strategic diversification. Anchored by our unwavering pursuit of high-quality assets, we continually seek opportunities that elevate our market presence and drive sustainable returns. Excitingly, the recent integration of multi-family residential development opportunities into Mancal's portfolio marks a pivotal stride toward realizing our dynamic opportunistic strategy.