April | 2023
Echo, Grandview Obtain $54M for Phoenix Project
Echo Real Estate Capital, in a joint venture with Grandview Partners, has received $53.6 million in construction financing for the development of Northern Parkway Logistics Center, a 676,169-square-foot speculative industrial project in Glendale, Ariz., in the Southwest Valley. Cushman & Wakefield worked on behalf of the borrower to secure the loan provided by PCCP.
The project broke ground in September 2022 and construction is anticipated to reach completion in the third quarter of this year. Situated on 38.6 acres, the Northern Parkway Logistics Center will encompass a 220,240-square-foot multi-tenant, rear-load building and a 455,935-square-foot cross-dock warehouse. The Class A facility will feature 32- and 40-foot clear heights and will include loading and trailer parking, concrete truck courts and will be fully gated. LGE Design Build is the project’s general contractor.
The logistics center will be situated at 9701 N. 151st Ave., along the Loop 303 corridor, approximately 30 miles from downtown Phoenix. The facility will have access to interstates 10 and 17. The surrounding area includes projects developed by White Claw, RedBull, Amazon and Microsoft, among others.
The Cushman & Wakefield team included Vice Chairman Rob Rubano, Executive Managing Director Brian Share, Director Max Schafer and Financial Analyst Michael Gianesello. Executive Vice Chairman Will Strong, Senior Director Kirk Kuller, alongside Broker Micki Strain and Associate Molly Hunt provided local market advisory.