Logistics Property Co. obtains $68.3M refinancing for Mesa industrial park

Pacific Coast Capital Partners has provided $68.3 million of refinancing for Palm Gateway Logistics Center, the 614,544-square-foot industrial park Logistics Property Co. developed in Mesa, Arizona, in a deal that closes against a campus still filling up, according to Commercial Search and Connect CRE. The four-building park at 8130 E. Pecos Road sits beside Mesa Gateway Airport, less than five miles from Loop 202, and came online in 2024.

The most recent figure, as of March, put the campus at 52.4 percent leased, and the largest commitment on the roster is a 289,462-square-foot Hims lease running through 2036. Across the full 614,544 square feet the new debt works out to about $111 a square foot, which leaves the refinancing dependent on that single lease and on the sponsor's ability to fill the balance. That a refinancing of this size closed with the campus barely past half leased suggests the lender is underwriting the remaining lease-up rather than the current rent roll, an inference the occupancy figure supports but does not establish.

Palm Gateway was built on spec as Logistics Property Co.'s first Phoenix project, part of Venture II, a $1.8 billion develop-to-core fund, and its four buildings range from 92,847 to 289,203 square feet, each with four drive-in doors, 26 to 56 dock doors, and clear heights of 28 to 36 feet. Refinancing rather than selling keeps the asset inside a vehicle the coverage describes as develop-to-core, which implies a longer hold than a trade would.

The loan fits the pattern PWD has tracked: maturing and construction debt resolved by recapitalization rather than sale, patient capital rolling into assets that have not yet stabilized. In logistics lending the binding constraint has been origination rather than capital—supply sits at a decade low, and returns are set by what a lender can source rather than by the size of the check behind it, as September coverage of the Ares-PSP joint venture argued. PCCP's loan against a half-leased Phoenix park is that appetite in practice.

Roughly 292,000 square feet of Palm Gateway remained to lease at the March figure, and where occupancy stood when the loan closed is the detail that would finish the story. The coverage does not say.