Dealmaker: NorthMarq Secures $185M for Office-Manufacturing Complex

Northrup Grumman Campus

NorthMarq’s San Diego office secured $185 million in financing for Northrop Grumman Innovation Systems’ office and manufacturing campus in Chandler, Ariz.

NorthMarq Senior Vice President Eric Flyckt, Vice President Wyatt Campbell and Associate Producer Casey Allred arranged the financing for the Northrop Grumman Innovation Systems campus, which delivered in November.

The development includes a three-story Class A office building totaling 352,545 square feet and a 270,000-square-foot manufacturing building. A life insurance company funded a fixed-rate loan that amortizes over 23 years.

The campus serves as headquarters for Northrop Grumman Innovation System’s Launch Vehicle Division, which manufactures carrier rockets to transport cargo to the International Space Station, launch satellites and defend the nation.

The Phoenix Business Journal reported Northrop Grumman recently started work on a new $1.1 billion Defense Department Missile Defense Agency contract at the property.

The campus lies within Park Place business park, a 200-acre campus at the intersection of the Loop 101 and 202 freeways, one of the fastest-growing employment corridors in metropolitan Phoenix. The corridor is home to companies involved in financial services, technology, life sciences and other industries needing a skilled and educated workforce. The Douglas Allred Co., San Diego, began assembling the land for the Park Place business park in 2007 and closed on its eighth and final land acquisition in December 2018. In addition to the Northrop Grumman campus, Allred has developed 10 other office buildings in Park Place that exceed 1.5 million square feet. The master-planned office/flex space development includes restaurants and hotels as well as Class A office buildings.