SAN DIEGO, CALIFORNIA (January 14, 2020) – Eric Flyckt, senior vice president, Wyatt Campbell, vice president, and Casey Allred, associate producer, of NorthMarq’s San Diego office, arranged a $185,000,000 loan for the recently completed Northrop Grumman Innovation Systems’ campus in Chandler, Arizona.
The development comprises a three-story, Class A, office building totaling 352,545 sq. ft., and a manufacturing building totaling 269,852 sq. ft. A life insurance company funded a fixed-rate loan which amortizes over 23 years.
The campus serves as Northrop Grumman Innovation System’s Launch Vehicle Division Headquarters. They are a global leader in aerospace and defense technologies. The launch vehicles are designed and manufactured in the new campus to transport cargo to the International Space Station, launch satellites and defend the nation.
The campus is located within Douglas Allred Company’s Park Place business park. Park Place is a 200-acre park situated in the highly desirable Price Road corridor at the intersection of the Loop 101 and 202 freeways, one of the fastest growing employment corridors in Metropolitan Phoenix. The corridor is home to leading-edge companies involved in financial services, technology, life sciences and other industries needing a skilled and educated workforce.
Allred began assembling the land for Park Place in 2007 and in December 2018 closed on their eighth land acquisition. In addition to the Northrop Grumman campus, Allred has developed 10 other office buildings in Park Place. In total, these projects comprise over 1,500,000 sq. ft. of space which are 96 percent leased. In addition to Class A office buildings, this master-planned park includes restaurants and hotels.
Douglas Allred Company, based in San Diego, is a full-service real estate firm with projects in office, industrial, retail and residential sectors. The 38-year-old firm is a recognized leader in both real estate development and asset management.