Dealmaker: Gantry Secures $32M For Industrial

Gantry, San Francisco, secured $31.6 million for industrial assets in Arizona and California.

In Phoenix, Gantry Principal Tim Storey arranged $21.6 million in acquisition financing for a 376,760-square-foot warehouse/distribution building. Built in 2007, the Class A property sits on a 22-acre site at 4747 W. Buckeye Road.

Los Angeles-based Cohen Asset Management acquired the asset for $39.1 million. The building is fully leased to a single tenant, Vital Pharmaceuticals, Weston, Fla.

Storey arranged a 12-year, $21.6-million acquisition loan through a correspondent life insurance company. He noted Cohen Asset Management counts nearly 50 buildings in its Phoenix portfolio. “The fact that the borrower had secured a long-term lease involving a credit tenant certainly bolstered lenders’ interest in the asset that is located in a key Southwest industrial submarket,” he said.

Gantry also secured a $10 million loan to refinance DuBois Industrial Complex in San Rafael, Calif. The 64,000-square-foot multi-tenant industrial asset is located near the interchange of HW-101 and I-580 along San Rafael’s industrial corridor.

Gantry Principal Mitchell Zeemont and Production Associate Tony Kaufmann placed the 10-year loan with partial-term interest-only payments and 30-year amortization with Mutual of Omaha, Omaha, Neb., which supplied a non-recourse fixed-rate loan below 3 percent with prepayment flexibility. Gantry will service the loan as a correspondent to the lender.