Panattoni Obtains $59M Refi Loan on Arizona Industrial Property

Panattoni Development Company has secured a $58.72 million refinance loan on Northern Parkway Logistics Center, a 445,187 square foot, Class A industrial portfolio located at 12815 W. Northern Ave. and 12795 W. Northern Ave. in Glendale, Arizona. The financing was arranged by JLL Capital Markets.

Completed in 2025, Northern Parkway Logistics Center consists of three industrial buildings situated on approximately 30 acres within Northern Parkway Logistics Hub, a master-planned industrial development in Phoenix’s West Valley. The project was 57.9%-leased at closing and features institutional-quality specifications designed to accommodate a range of logistics, distribution, manufacturing and industrial users.

Northern Parkway Logistics Center is strategically positioned between Loop 101 and Loop 303 with direct access to the region’s primary transportation corridors, providing efficient connectivity throughout Metro Phoenix and to major Western U.S. markets.

JLL Senior Director Jason Carlos, along with Associate Frank Choumas, Analyst Ross Jorgensen and Analyst Andrew Mings, arranged the three-year, floating-rate loan through Mesa West Capital.