Companies building Frito-Lay facility in Gilbert get $12M construction loan
Nov 29, 2023, 4:05 AM
PHOENIX — The two companies developing a shipping and distribution center for Frito-Lay in Gilbert have obtained a $12 million construction loan, investment management firm JLL Capital Markets announced last week.
JLL said it arranged the financing deal for Atlas and OakPoint, who are building the industrial development on just over 8 acres near Germann and Lindsey roads.
The 60,500-square-foot facility has been fully leased to snack food giant Frito-Lay, a subsidiary of PepsiCo, for 10 years.
The development, called Atlas Germann, was originally planned as a spec project, according to Phoenix Business Journal.
But JLL pitched it to Frito-Lay early on and struck a lease deal.
“We presented [the site] to them and, low and behold, it was kind of a match made in heaven,” Kyle Westfall, managing director for JLL’s Phoenix office, told Phoenix Business Journal in February, after the deal was struck.