NorthMarq Scores $185M Refi for Northrop Grumman Campus
- Jan 14, 2020
NorthMarq has secured $185 million in financing for a new office and manufacturing campus in Chandler, Ariz., that is home to Northrop Grumman Innovation Systems’ launch vehicle business. A life insurance company funded the fixed-rate loan, which amortizes over 23 years.
The financing was arranged by NorthMarq Senior Vice President Eric Flyckt, Vice President Wyatt Campbell and Associate Producer Casey Allred.
Developed by San Diego, Calif.-based Douglas Allred Co., the 47-acre campus at 1575 S. Price Road consists of a three-story, Class A office building measuring 352,545 square feet and a manufacturing building totaling 269,852 square feet. The property forms part of the 200-acre Park Place business park, a master-planned development at the junction of Loops 101 and 202 in Chandler.
All systems go
The campus, which opened last November after 17 months of construction, was designed by Wes Balmer Architects and built by Willmeng Construction Inc., according to an account in Phoenix Business Journal. The facility is used to design and manufacture launch vehicles that haul satellites into space, transport cargo to the International Space Station and support U.S. military projects.
The project broke ground in April 2018. Aerospace and defense giant Northrop Grumman closed its acquisition of Orbital ATK in June 2018, renaming the business Northrop Grumman Innovation Systems. The former Orbital ATK’s two other major facilities are located in neighboring Mesa and Gilbert, Ariz.
Douglas Allred Co. closed on its eighth land acquisition for Park Place in December 2018 and has developed 10 other office buildings in the mixed-use business park totaling more than 1.5 million square feet, 96 percent of which is leased.