Tower Capital secured $9.6 million in financing for the recapitalization of a nearly 170,0000-square-foot industrial property in Surprise, AZ. The Class A facility at 13351 W. Rioglass Solar Rd. was built in 2012 and served as the headquarters for RioGlass Solar, an international glass manufacturer.
Tower Capital co-founder Adam Finkel says, “We continue to be bullish on the Phoenix market given its robust economic and population growth. This industrial transaction reflects the wide product diversity Tower Capital handles and our ability to source capital for companies as their business strategies shift even in challenging market conditions.”
The non-recourse, long-term fixed rate debt was arranged for the Brussels-based solar glass manufacturer, which had acquired the land in 2011 and built a state-of-the-art glass manufacturing facility. Subsequently, changes in the U.S. solar market resulted in the company needing to shift its strategy and vacate the facility. A growing national RV sales company rented the building.
Finkel adds, “With a new 10-year, single tenant, NNN lease in place, Tower Capital was able to secure a lender that provided the borrower with a recapitalization loan where the funds can be re-allocated to support different solar projects throughout the world.”
The facility encompasses 28-foot ceilings, a two-stage fire sprinkler system, 12 megawatts of power, an EVAP cooled warehouse, 13 overhead doors, and more than 17,000 square feet of office space at the BNSF rail served site.