CAM Investments Pays $81M for Phoenix Industrial Asset
- Dec 10, 2020
CAM Investments has paid roughly $81 million for Landing 202, a two-building, 603,903-square-foot industrial property in the Phoenix suburb of Mesa. The seller was Marwest Enterprises, according to CommercialEdge information. Working on behalf of the buyer, Gantry secured an 11-year, $55.5 million acquisition loan with an earn-out component through J.P. Morgan Asset Management.
Completed earlier this year, Landing 202 occupies a 46.6-acre site at 7958 and 8046 E. Ray Road, in an opportunity zone. Landing 202 is located just north of Phoenix-Mesa Gateway Airport, some 2 miles from AZ-Loop 202 and roughly 17 miles southeast of downtown Mesa. CommercialEdge shows Marwest broke ground on the speculative project in 2019, financing the construction with a $33.8 million loan from Western Alliance Bank.
The 485,872-square-foot Building 1 at 8046 E. Ray Road features 36-foot clear heights, an 85-foot truck court and 96 dock-high doors. The facility is fully leased to Dexcom Inc. under a 10-year, triple-net lease, with the possibility to expand by up to 165,000 square feet at an adjacent building. The 118,000-square-foot Building 2 has 30-foot clear heights, a 130- to 185-foot truck court and 34 dock-high doors.
Gantry’s Tim Storey arranged the financing on behalf of CAM Investments. Storey said in a prepared statement that CAM’s metro Phoenix portfolio encompasses 12.5 million square feet.