Mesa West Capital Originates $34 Million Acquisition Loan on Richmond, VA Industrial Park

CHICAGO - Oct. 31, 2023 - PRLog -- Mesa West Capital has provided an affiliate of the Matan Companies with $34 million in short-term first mortgage debt for the acquisition of Deepwater Industrial Park ("Deepwater"), a recently built 321,646-square-foot distribution and warehouse complex in Richmond, VA.

Deepwater consists of 202,176-square-foot building at 3001 Commerce Road that is 50% leased to Lowes Pro Supply and a vacant 119,470-square-foot building at 2301 Commerce Road.   Each features market best 36' clear heights, dock-high and drive in doors, ESFR sprinklers, expansive truck courts, LED lighting and 3000-amp electrical service.    The buildings were developed and delivered to market in May 2023 – and are adjacent to a 1.2 million-square-foot-facility 100% leased to Lowes[BA(C2] (applewebdata://70AF4845-31C6-4507-A401-4E6C36446197#_msocom_2) .

The buildings benefit from their location fronting I-95, the primary north/south truck route in the Eastern United States facilitating 40 percent [BA(C3] (applewebdata://70AF4845-31C6-4507-A401-4E6C36446197#_msoc...) of the country's gross domestic product.   It is also less than two miles from the Richmond Marine Terminal, a multi-modal freight and distribution gateway, serving waterborne, rail and truck shippers throughout the mid-Atlantic states.  The Richmond Marine Terminal also provides straight-shot access to the Port of Virginia in Norfolk, the third largest port system on the East Coast.

"The Richmond industrial market has flourished and continues to exhibit stable long-term demand due to its central location and multi-modal connectivity," said Mesa West Capital Executive Director Matthew Snyder, who led the Chicago-based origination team.  "Deepwater, with its top-of-market specs, strong sponsorship and central location along I-95 is primed to attract significant interest from tenants looking to be in the Richmond market."

The five-year, non-recourse financing was arranged by Drake Greer of Jones Lang Salle.

About Mesa West Capital, LLC

Mesa West Capital (http://www.mesawestcapital.com) is a leading commercial real estate debt fund manager and portfolio lender. With offices in Los Angeles, New York, Chicago and San Francisco, Mesa West has been one of the leading providers of commercial real estate debt since its founding in 2004. Mesa West provides non-recourse first mortgage loans for core/core-plus, value-added or transitional properties throughout the United States. Mesa West's lending portfolio includes all major property types with loan sizes ranging from $20 million up to $400 million. Since inception, the firm has sourced and closed more than 300 transactions totaling over $20 billion.

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