SAN DIEGO (May 29, 2018) – Eric Flyckt, senior vice president, Wyatt Campbell, vice president and Aaron Beck, vice president of NorthMarq Capital’s San Diego office, arranged a $153,376,000 construction loan and $19,081,179 mezzanine equity investment for the build-to-suit of Orbital ATK’S campus located in Chandler, Arizona. The development comprises a three-story, Class A, office building totaling 356,000 sq. ft., and a manufacturing building totaling 261,000 sq. ft. The loan was provided by a bank and the mezzanine equity was funded by an insurance company for whom NorthMarq is a correspondent.
Park Place is a ±180-acre business park assembled and developed by the Douglas Allred Company beginning in 2007. It is located at the intersection of the 101 and 202 Freeways in one of the fastest growing employment corridors in Metropolitan Phoenix. In addition to Class A office buildings, this master-planned park includes restaurants and hotels. To date, the Douglas Allred Company has completed eight Class A, spec, office buildings in the park totaling over 635,000 sq. ft. which are 100 percent leased. Orbital ATK is a global leader in aerospace and defense technologies.
The campus will serve as the Launch Vehicles Division headquarters for Orbital ATK. The launch vehicles which Orbital ATK designs and manufactures are instrumental in providing cargo to the International Space Station, launching satellites for space and earth science, and in defending the United States. Douglas Allred Company, based in San Diego, is a full-service real estate firm with projects in office, industrial, retail and residential sectors.
The 37-year-old firm is a recognized leader in both real estate development and asset management. “We thoroughly scoured the market so as to source a single construction lender, who didn’t require pre-closing syndication, and an equity investor who would finance this large project comprising both office and manufacturing components,” said Flyckt. “We were able to secure interest from several groups who offered competitive terms and were attracted to this project due to Orbital ATK’s financial strength, the strong location in a very healthy market, the quality of the buildings, and the Douglas Allred Company’s expertise and solid track record of building and managing similar projects throughout the Phoenix area and in Southern California.”