DEVELOPMENT

CBRE arranges $10.4M loan for KeyWest Plaza acquisition

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PHOENIX — CBRE has secured a $10.4 million loan for the acquisition of KeyWest Plaza, a 92,751-sq.-ft., four-building industrial property in Gilbert.

Bill Chiles, Scott Peterson, Brian Cruz and Colby Matzke with CBRE Capital Markets’ Debt and Structured Finance group arranged the four-year, floating interest rate loan on behalf of the buyer, Intersection CRE, a San Diego-based commercial real estate firm.

Situated on 5.34 acres at 700-734 N. Golden Key Street in the Chandler/Gilbert submarket of Phoenix, the property was built in 1986 and comprises four single-story industrial buildings leased to a diverse mix of 20 tenants.

Suites range from 1,621 to 11,750 sq. ft. and include air-conditioned offices, cooled warehouses, grade-level loading docks and 16-to-18-foot ceilings.

Intersection CRE plans to invest in capital improvements, including parking lot repairs, new building signage, paint and updated roofing.

“The subject is located in the highly sought-after Southeast submarket that has seen strong absorption and historically low vacancy,” said Scott Peterson, executive vice president at CBRE in San Diego.

“Intersection is planning to implement a strategic capital improvement plan in order to enhance the appeal of the asset to current and prospective tenants.”

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