Exclusive: Phoenix Industrial Asset Lands $68M

Logistics Property Co. has obtained a $68.3 million refinancing loan for Palm Gateway Logistics Center, a 614,544-square-foot industrial park in Mesa, Ariz., according to Yardi Matrix data.

Pacific Coast Capital Partners provided the debt, which retires a previous $62.9 million construction loan issued by Old National Bank in December 2022. LogiPropCo broke ground one month later, marking its first Phoenix project. The LEED-Silver park came online in 2024.

Palm Gateway Logistics Center was a speculative project, part of Venture II, a $1.8 billion develop-to-core fund. The campus was 52.4 percent leased as of March 2026, with the tenant roster including Hims, a telehealth company that set up shop at the property and leased 289,462 square feet through 2036, according to an SEC lease agreement.

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The park consists of four buildings ranging from 92,847 square feet to 289,203 square feet. Each warehouse features four drive-in doors, while dock doors range between 26 and 56 and clear heights vary from 28 to 36 feet.  

Located at 8130 E. Pecos Road, Palm Gateway Logistics Center is next to Mesa Gateway Airport, less than 5 miles from Loop 202. Logistics Property Co.’s park is near Greystar’s Gateway Grand, a 2.1 million-square-foot campus consisting of three warehouses.

LogiPropCo ramps up Phoenix industrial refinancings

Chicago-based Logistics Property Co. owned or had under development some 30 million square feet of logistics facilities throughout 14 markets as of September 2026. Year-to-date through August, the firm closed on $277 million in loans.

Among the company’s notes was the $83.8 million financing issued by Old National Bank and Associated Bank for Olive Logistics Center, a 1 million-square-foot, two-warehouse park in Glendale, Ariz., that Logistics Property Co. fully leased earlier this year. Previous construction debt consisted of a $74.5 million package issued by JP Morgan.