Panattoni Lands $59M Refi for Phoenix Logistics Campus

November 11, 2026

Finance Industrial News Phoenix More West

Mesa West Capital provided the financing.

Northern Parkway Logistics Center’s white and gray industrial exterior with blue trim, a glass entrance and accessible parking spaces. — Northern Parkway Logistics Center in Glendale, Ariz., totals 445,187 square feet across three buildings and was 57.9 percent leased at the time of refinancing. *Rendering courtesy of JLL*

Panattoni Development Co. has secured a $58.7 million refinancing for Northern Parkway Logistics Center, a 445,187-square-foot Class A industrial campus at 12815 and 12795 W. Northern Ave. in Glendale, Ariz. JLL Capital Markets arranged the three-year, floating-rate loan through Mesa West Capital.

The financing is intended to support the continued lease-up and stabilization of the newly completed Class A industrial development.

Northern Parkway Logistics Center was delivered in 2025 and comprises three industrial buildings on about 30 acres within Northern Parkway Logistics Hub, a master-planned industrial development in Phoenix’s West Valley.

The project was 57.9 percent leased at closing. Features include 32- to 36-foot clear heights, 73 dock-high doors, eight grade-level doors, heavy power capabilities ranging from 3,000 to 6,000 amps, ESFR sprinkler systems, 62 trailer parking stalls and 451 vehicle parking spaces. The buildings are designed to accommodate logistics, distribution, manufacturing and other industrial uses, including single- and multi-tenant configurations.

The site is between Loop 101 and Loop 303, with direct access to the region’s primary transportation corridors and proximity to Luke Air Force Base, as well as supporting regional distribution operations.

JLL’s team included Senior Director Jason Carlos, Associate Frank Choumas and Analysts Ross Jorgensen and Andrew Mings.

Phoenix vacancy trends down

Phoenix’s overall industrial vacancy rate declined 300 basis points year-over-year to 10.3 percent in the third quarter of 2026, according to Cushman & Wakefield.

The region saw 8.3 million square feet of leasing activity in the third quarter, propelling the year-to-date total up to 23.7 million square feet. By the quarter’s end, 20.5 million square feet of industrial space was under construction, against an inventory of 452.9 million square feet.

In July, Panattoni, in partnership with Redwood West, acquired The Pike, a 394,616-square-foot waterfront retail, dining and entertainment lifestyle center in Long Beach, Calif. The seller was SITE Centers Corp., which received an aggregate price of $50 million for its ground leasehold interest and all other interests. Northmarq arranged the sale.