Libitzky Property Cos. has obtained two eight-year loans amounting to $30 million for a pair of adjacent industrial campuses in Tempe, Ariz., totaling 298,324 square feet, CommercialEdge data shows. Lincoln National Life Insurance Co. provided the $10.3 million and $19.8 million notes that carry partial interest-only and prepayment flexibility, according to public records.
Gantry Principal Tony Kaufmann and Associate Joe Foley led the team that secured the refinancing.
Two properties rebranded as one
After acquiring the properties, Libitzky rebranded them together as Tempe Industrial Park. The company purchased one of the assets, a 1996-completed, 203,224-square-foot campus in 2017 from Kieckhefer Properties for $19.1 million, according to CommercialEdge. The eight-building park features 28 drive-in doors and four dock loading doors with levelers and bumpers. Tenants include Hunter Douglas Group, RCS Countertops and Trotec Solutions.
The other refinanced asset is a 95,100-square-foot property consisting of five buildings. The firm acquired it in March 2021 from BKM Capital Partners for $10.5 million, the same source shows. The asset came online in 1987 and went through cosmetic renovations in 2020. The facilities feature a total of 14 drive-in doors and five dock-high loading doors. Center for TOX Services, Gummi World and America’s Motors are some of the tenants at the 8-acre campus.
Libitzky’s recent industrial expansion
Located at 1805 W. Drake Drive, 7160 S. Harl Ave. and 1819-1849 W. Drake Drive, the facilities are some 13 miles from downtown Phoenix and within 9 miles of Phoenix Sky Harbor International Airport. The campus is also less than a mile from a 149,755-square-foot industrial portfolio that traded in a $97.8 million transaction last year.
At the time of the deal, Libitzky had 24 industrial properties across the country, amounting to more than 3.6 million square feet, CommercialEdge information shows. In April last year, the company acquired Gateway Technology Commerce Center, a fully occupied, 138,692-square-foot industrial park in Mesa, Ariz. MIG Real Estate sold the 2019-completed asset for $25.4 million.
