Kentwood Ventures has received $38 million in financing for the development of KV Casa Grande, a 314,453-square-foot speculative industrial building in Casa Grande, Ariz. JLL Capital Markets worked on behalf of the borrower to secure a $23 million loan through CrossFirst Bank and $15 million in joint venture equity through Blue Vista Capital Management.
The Class A project broke ground this year in April, with a scheduled delivery in 2024. KV Casa Grande is set to feature 32-foot clear heights, a 175-foot concrete truck court, 28 dock-high doors, 14 grade-level doors and 339 parking spaces. The development team also includes Andrews Design Group.
An Opportunity Zone development
The industrial facility is taking shape on an 18.7-acre parcel in an Opportunity Zone at the corner of Thornton Road and Lawrence Street, 50 miles from downtown Phoenix, in the Southeast Valley market. The building will have access to interstates 8 and 10. Corporate neighbors in the surrounding area include Graham Packaging, National Vitamin Co., Hexcel Corp., Franklin Foods and Walmart, among others.
The JLL Capital Markets Debt and Equity Advisory team was led by Senior Director Jason Carlos and Associate Jarrod Howard. Executive Managing Director Anthony Lydon, Executive Vice President John Lydon, Vice President Hagen Hyatt, alongside Associate Kelly Royle will handle leasing services for the property.
Another industrial project in Phoenix was recently subject to a construction loan. Echo Real Estate Capital and Grandview Partners received $53.6 million for the development of a 676,169-square-foot building in Waddell, Ariz. As of April, Phoenix was leading the national construction pipeline with 57.1 million square feet underway, representing 16.3 percent of stock, the latest CommercialEdge report shows.
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