A development team has secured a large refinancing loan for a new, fully leased industrial park in Goodyear called “Yuma|143.”The joint venture with Phoenix-based Baker Development Corp., New York-based Foundation Capital Partners and GTIS Partners secured a $39 million refinance loan from Arizona Bank and Trust. The purpose of the loan was to create a return on capital, according to Baker Development.The industrial facility is valued at more than $80 million and includes a 190,220-square-foot building and a 300,100-square-foot building located at the northeast corner of Yuma Road and 143rd Avenue near the Phoenix Goodyear Airport and Interstate 10. It’s also located within a Foreign Trade Zone, which can significantly reduce property taxes.Both buildings are now fully leased between three tenants including Washington-based pipe product manufacturer Romac Industries Inc., Maryland-based power and hand tool manufacturer Apex Tool Group and Factor, a subsidiary of meal-kit company HelloFresh. JLL is the leasing brokerage firm for the facility.“Yuma|143 is a tremendous product in a prime location that was developed, leased and stabilized by an exceptional project team,” said Baker Development Corp. Principal Daniel Slack in a statement. “This loan, secured in the current, challenging lending environment, is a testament to the knowledge and relationships of this collective group and the powerhouse status enjoyed by the Phoenix industrial market.”The loan was secured for the facility at the same time the southwest part of the Valley has seen the biggest increases in industrial rents compared to the rest of the metro as well as the lowest vacancy rates. In Q2, Colliers International data shows that this p …
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