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PHOENIX-Ten years into its ownership of a 243,039-sf industrial building on the city’s west side, Amir Development Co. of Beverly Hills, CA has refinanced the asset for $7.5 million. International Paper Co. occupies about 86% of the building in a six-year lease.

Robert Hervey, executive vice president and senior managing director of Minneapolis-based NorthMarq Capital Inc.’s Los Angeles office, and James DuMars, senior vice president and managing director in Phoenix, arranged the financing. Hervey says three lenders stepped forward with compelling offers to finance the 4141 W. Van Buren St. property, with Des Moines-based Principal Real Estate Investors LLC landing the deal.

Hervey says Principal provided a six-year-term and 30-year amortization on a 65% loan to value financing. The interest rate is 6.1%. “Principal had the best terms, with the spread and amortization,” Hervey tells GlobeSt.com.

Hervey says Amir Development bought the building when it was completed and has no plans to sell or renovate at this point. Maricopa County assesses property at $10.4 million. “The building is still in very good condition,” he adds. The asset is located about half mile south of Interstate 10.

Don MacWilliam and Payson MacWilliam, senior vice presidents in Phoenix for Colliers International, have the leasing assignment for the 35,217-sf balance of the warehouse. Hervey says there has been interest in the empty space, which was leased until late 2007 by Sun States Wire Products.

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