Full capital stack of ~$40 million arranged for a new industrial construction deal in Casa Grande

PHOENIX, June 8, 2023 –  JLL Capital Markets announced today that it arranged $15 million in joint venture equity and $23 million in financing for the development of KV Casa Grande, a state-of-the-art, industrial development totalling 314,453 square feet in Casa Grande, Arizona.

JLL worked on behalf of the borrower, Kentwood Ventures, to secure the loan through CrossFirst Bank and equity through Blue Vista Capital Management.

KV Casa Grande will sit on an 18.68-acre parcel at the corner of Thornton Rd. and Lawrence St. Key building features will include 32-foot clear heights, a 175-foot concrete truck court, 28 dock-high doors, 14 grade-level doors and 339 parking spaces. The project broke ground in April 2023 and is projected to be completed over the next year.  

The development is centrally situated in Casa Grande’s expanding industrial submarket, an extension of Phoenix’s Southeast Valley industrial market, which includes Tempe, Mesa, Chandler, Gilbert and Sky Harbor International Airport. Casa Grande has an industrial vacancy rate of 1.3% and limited speculative construction. The pro-growth community is positioned at the crossroads of the I-8 (San Diego), I-10 (Phoenix/Tucson/Los Angeles) and SR85 (Mexico), providing efficient transportation options throughout the Southwest Region. Additionally, the project is located within Pinal County, one of the fastest growing counties in the country with 500,000 residents and growth projections to more than double by 2045.

The JLL Capital Markets Debt and Equity Advisory team was led by Senior Director Jason Carlos and Associate Jarrod Howard. Leasing will be spearheaded 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 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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Kentwood Ventures is a private real estate development and investment company focused on superior risk/return opportunities. Together the principals, Kevin Dretzka and Jim Zemezonak, bring a combined 70 years of experience and have completed $8 billion in transactions both locally and nationally.

CrossFirst Bankshares, Inc. (Nasdaq: CFB) is a Kansas corporation and a registered bank holding company for its wholly owned subsidiary CrossFirst Bank, a full-service financial institution that offers products and services to businesses, professionals, individuals, and families. CrossFirst, headquartered in Leawood, Kansas, has locations in Kansas, Oklahoma, Texas, Missouri, Colorado, New Mexico and Arizona.

Blue Vista is a leading investment management firm focused on helping investors maximize returns through best-in-class real estate equity and credit strategies across the risk-return spectrum. Blue Vista offers investors the benefits of a vertically integrated platform, complementary strategies managed by experienced teams, and deep expertise as an owner, operator and lender across all property types and various markets in the U.S. and Canada. Since its inception in 2002, the firm has invested over $13.0 billion in total capitalization, with the goal of challenging the status quo, setting high standards and bringing a relationship-based, client-focused approach to real estate investing. For more information, please visit https://bluevistallc.com/.