3650 REIT Provides $ 68M Loan for Acquisition of PetSmart Headquarters in Phoenix
3650 REIT (“3650”), a nationwide commercial real estate lender that creates and manages portfolio loans for relationship borrowers, is pleased to announce that it has issued a $ 68 million first mortgage. dollars for the acquisition of the head office of PetSmart (the âPropertyâ), an approximately 365,000 square foot, three-building Class A office campus located at 19601 N. 27th Avenue in Phoenix, Maricopa County in Arizona. The loan has a term of 84 months and is granted to sponsor BPM Real Estate Group (âBPMâ), a real estate investment and development company specializing in the acquisition and development of Class A real estate across the States. -United.
3650 previously granted BPM a $ 115 million construction loan for the development of the Radisson Blu Hotel in Anaheim, Calif., In 2018, which opened with great fanfare on October 26, 2020.
â3650’s ability to systematically seek lending opportunities on well-located assets in growing markets such as Phoenix advances the strategy of our Stable Cash Flow II investment vehicle,â said the co-founder and partner. 3650 REIT Director, Toby Cobb. “The Phoenix office market has seen stabilized occupancy, high rental rates and reduced rent concessions over the past two years, and we expect economic conditions to continue to improve.” As the head office of a well-established international brand at PetSmart, the outlook for the property remains strong. We are happy to be working again with an experienced sponsor in BPM. “
PetSmart’s head office was originally built as a custom-built property of approximately 186,000 square feet and has been occupied by single tenant PetSmart since 1997. It has since undergone several upgrades, including two buildings. additional approximately 90,000 square feet built in 2008 and a six-story parking structure with 1,224 spaces. Resort facilities include a cafeteria, preschool, fitness center, and corporate training facilities. The sponsor selected 3650 for funding for its performance guarantee, competitive pricing, internal service capabilities and previous collaborative work on the Radisson Blu Hotel transaction.
âThe 3650 team has been slow to understand the needs and goals of our organization,â said Walter Bowen, CEO and Founder of BPM Real Estate. “Responsiveness, efficiency and transparency are the keys to the strong relationship that the 3650 team has established with the leadership of BPM.”
The property is located in the Phoenix Deer Valley submarket, located 18 miles north of the city’s central business district. It resides at the junction of Interstate 17 and Loop 101, providing accessibility to employees traveling from across the city, as well as visibility and signage exposure to more than 220,000 vehicles per day. The property’s surrounding thoroughfares provide easy access to the greater Phoenix Metropolitan Statistical Area, including downtown Phoenix, Scottsdale, the Camelback Corridor, and the Glendale Sports and Entertainment District.
The loan was arranged by Ramsey Daya and Stephen Scarpulla of Newmark.
About 3650 REIT
3650 (pronounced “Thirty-Six Fifty”) REIT is a nationwide commercial real estate lender that issues and manages portfolio loans for relationship borrowers. 3650 REIT’s highly differentiated lending process, nationwide, vertically integrated platform, and noted Special Service Agent status enable it to provide personalized financing solutions, industry-leading service, and reliable, focused results. on the client. In addition, 3650 REIT’s ability to retain the risk on each loan it grants until maturity allows it to monitor each asset in its portfolio in order to integrate ESG best practices. Co-Founders and Managing Partners Toby Cobb, Justin Kennedy and Jonathan Roth have played a leading role in the evolution of CRE debt markets. Based in Miami, Florida, with offices in New York, Los Angeles, Chicago, Dallas and Nashville. For more information visit: www.3650REIT.com.
THIS INFORMATION DOES NOT CONSTITUTE AN OFFER TO SELL, OR A REQUEST FOR AN OFFER TO PURCHASE, AN INTEREST IN ANY JURISDICTION.
See the source version on businesswire.com: https://www.businesswire.com/news/home/20210511005839/en/
Greg Michaels, ICR for 3650 REIT
[email protected] | 646-677-1836