Synthetic example: every name, party and figure in this record is fictional.
Ironwood Logistics Center — Tolleson, AZ
Deal ID: uw_2026_i3k9m2 | Scenario: Stabilized Acquisition | Status: In Progress
220,000 SF | 2016 Vintage | 32' Clear | $28,000,000 Purchase | $127.27/SF | 6.25% Cap Rate (in-place)
This file is a fourth worked example in the conformance corpus, alongside the Parkview multifamily, Riverside office, and Cactus Crossing retail deals. It demonstrates the .uw.md format for bulk-distribution industrial: a multi-tenant NNN warehouse with low operating expenses, high expense recovery, and a tenant-level rent roll measured in rentable building area.
Deal Context
Ironwood Logistics Center is a 220,000 SF Class A bulk-distribution warehouse in the Southwest Valley submarket of metro Phoenix, 96% leased to three credit-oriented logistics and fulfillment tenants on NNN leases. The seller is a merchant developer harvesting a stabilized build. Thesis: acquire modern, functional logistics product at $127/SF (below replacement cost) at a 6.25% in-place cap, hold for durable NNN cash flow on the back of structural e-commerce and nearshoring demand along the I-10 corridor.
json
{
"_meta": {
"section": "deal_context",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-19T08:20:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "32' clear height, 38 dock-high doors, ESFR sprinklers, 185' truck court. Tenant A (largest) rolls in year 3 — mark-to-market upside as in-place rents are ~10% below current asking.",
"deal_summary": "220,000 SF Class A bulk warehouse in Tolleson (SW Valley), 96% leased NNN to three logistics tenants. Stabilized acquisition at a 6.25% in-place cap with mark-to-market upside on year-3 rollover.",
"investment_thesis": "Modern logistics product at $127/SF, below replacement cost, in a supply-constrained big-box submarket. In-place rents trail market by ~10%; staggered rollover captures that without speculative leasing risk.",
"value_creation_strategy": "Hold through stabilized NNN income, mark Tenant A to market at year-3 rollover, and maintain sub-5% downtime given deep tenant demand for 32' clear bulk space.",
"hold_strategy": "core_hold",
"exit_strategy_description": "Sell or refinance at year 5-7 into the institutional bid for stabilized Phoenix logistics, or refinance once Tenant A renews at market.",
"deal_goal": "12-13% levered IRR with a low-volatility NNN cash-flow profile."
}Property
json
{
"_meta": {
"section": "property",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-19T08:40:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"rentable_square_feet": 220000,
"year_built": 2016,
"building_class": "A",
"clear_height_ft": 32,
"dock_high_doors": 38,
"drive_in_doors": 4,
"truck_court_depth_ft": 185,
"office_finish_pct": 0.08,
"sprinkler_system": "ESFR",
"occupancy_pct": 0.96,
"submarket": "Southwest Valley / I-10 Corridor"
}Rent Roll
Industrial tenant variant — the spec's rent_roll section accepts a tenants array (see Part IV §4) for office, retail, and industrial. Three multi-tenant NNN leases plus one vacant suite.
json
{
"_meta": {
"section": "rent_roll",
"provenance": {
"source": "manual",
"resolution": "user_input",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-19T09:10:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "One vacant 8,800 SF suite (former cross-dock user). Tenant A rolls 2029; in-place at $9.50 vs ~$10.50 market.",
"as_of_date": "2026-05-01",
"total_rentable_sf": 220000,
"occupied_sf": 211200,
"vacant_sf": 8800,
"occupancy_pct": 0.96,
"weighted_avg_rent_psf": 9.99,
"tenants": [
{
"tenant_id": "T-A",
"tenant_name": "Sunbelt 3PL Logistics",
"suite": "100",
"leased_sf": 110000,
"annual_base_rent": 1045000,
"rent_psf": 9.5,
"lease_start": "2022-01-01",
"lease_expiration": "2029-12-31",
"lease_type": "NNN",
"tenant_credit": "national_credit",
"anchor_tenant": true
},
{
"tenant_id": "T-B",
"tenant_name": "Mercado Fulfillment Co",
"suite": "200",
"leased_sf": 65000,
"annual_base_rent": 666250,
"rent_psf": 10.25,
"lease_start": "2023-06-01",
"lease_expiration": "2031-05-31",
"lease_type": "NNN",
"tenant_credit": "non_investment_grade",
"anchor_tenant": false
},
{
"tenant_id": "T-C",
"tenant_name": "Desert Components Manufacturing",
"suite": "300",
"leased_sf": 36200,
"annual_base_rent": 398200,
"rent_psf": 11,
"lease_start": "2024-03-01",
"lease_expiration": "2032-02-29",
"lease_type": "NNN",
"tenant_credit": "private",
"anchor_tenant": false
},
{
"tenant_id": "T-VAC-400",
"tenant_name": null,
"suite": "400",
"leased_sf": 0,
"vacant_sf": 8800,
"annual_base_rent": 0,
"rent_psf": 0,
"lease_expiration": null,
"tenant_credit": null,
"anchor_tenant": false
}
]
}NOI Model
json
{
"_meta": {
"section": "noi_model",
"provenance": {
"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-19T11:30:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Year-1 underwritten. NNN structure — recoverable expenses (taxes, insurance, CAM) are largely passed through to tenants via expense_reimbursements.",
"income": {
"base_rent": 2109450,
"vacancy_credit_loss": 63450,
"expense_reimbursements": 295000,
"other_income": 9000,
"effective_gross_income": 2350000
},
"expenses": {
"property_taxes": 210000,
"insurance": 48000,
"cam": 165000,
"utilities": 38000,
"repairs_maintenance": 55000,
"management_fee": 70500,
"general_admin": 13500,
"total_operating_expenses": 600000
},
"net_operating_income": 1750000,
"noi_per_sf": 7.95
}Debt Structure
json
{
"_meta": {
"section": "debt_structure",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-19T13:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Fixed-rate permanent debt sized to a 1.46x DSCR / 10.8% debt yield at a conservative 58% LTV — typical for stabilized single-asset logistics.",
"loan_type": "permanent",
"lender_type": "life_co",
"loan_amount": 16240000,
"ltv": 0.58,
"ltc": 0.56,
"interest_rate_type": "fixed",
"all_in_rate_at_close": 0.0625,
"term_months": 120,
"amortization_months": 360,
"amortization": "30yr_amortizing",
"io_months": 0,
"annual_debt_service": 1199906,
"underwritten_noi": 1750000,
"dscr": 1.458,
"debt_yield": 0.1078,
"recourse": "non_recourse_with_carve_outs",
"prepayment": "yield_maintenance"
}Sources & Uses
json
{
"_meta": {
"section": "sources_uses",
"provenance": {
"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-19T13:05:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "equity_metrics.equity_total equals the stated sources.sponsor_equity (12,760,000): it is the only non-debt source, so this is an identity of stated fields, not an inferred allocation or cash flow.",
"equity_metrics": {
"equity_total": 12760000
},
"sources": {
"loan_amount": 16240000,
"sponsor_equity": 12760000,
"total": 29000000
},
"uses": {
"purchase_price": 28000000,
"closing_costs": 700000,
"ti_lc_reserve": 300000,
"total": 29000000
},
"total_sources": 29000000,
"total_uses": 29000000
}Valuation
json
{
"_meta": {
"section": "valuation",
"provenance": {
"source": "manual",
"resolution": "user_input",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-19T14:30:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"purchase_price": 28000000,
"appraised_value": 28200000,
"underwritten_value": 28000000,
"going_in_cap_rate": 0.0625,
"exit_cap_rate_assumption": 0.065,
"valuation_method": "income_capitalization",
"price_per_sf": 127.27,
"stabilized_value_estimate": 30500000
}Operating Statement (T-12)
Trailing-twelve summary reconciled to the NOI model — same revenue, expense, and NOI totals; the line-item detail lives in the source statement.
json
{
"_meta": {
"section": "operating_statement",
"provenance": {
"source": "system/extractor",
"resolution": "ai_extracted",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "T-12 summary reconciled to the NOI model; line detail retained in the source statement."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"period": "t12",
"period_end": "2026-06-30",
"statement_basis": "accrual",
"income": {
"total_revenue": 2350000
},
"expenses": {
"total_operating_expenses": 600000
},
"net_operating_income": 1750000,
"reconciles_to_noi_model": true
}Preliminary Sizing
Loan sizing against the three standard constraints. The governing test is dscr; the proposed loan of $16,240,000 fits inside it.
json
{
"_meta": {
"section": "preliminary_sizing",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"sizing_basis": {
"noi_underwritten": 1750000,
"value_basis": 28000000,
"annual_debt_constant": 0.0739
},
"constraints": [
{
"test": "max_ltv",
"limit": 0.75,
"max_loan": 21000000
},
{
"test": "min_dscr",
"limit": 1.25,
"max_loan": 18948151
},
{
"test": "min_debt_yield",
"limit": 0.09,
"max_loan": 19444444
}
],
"max_supportable_loan": 18948151,
"governing_constraint": "dscr",
"proposed_loan": 16240000,
"proposed_within_constraints": true,
"cushion": 2708151
}Borrower / Sponsor
Ironwood Logistics Holdings LLC — single-principal sponsorship; figures PFS-stated pending CPA verification.
json
{
"_meta": {
"section": "borrower_sponsor",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Figures are PFS-stated; CPA verification requested for the DD period."
},
"quality": {
"confidence": "medium",
"human_review_required": true,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"principals": [
{
"name": "Marcus Trent",
"role": "managing_member",
"ownership_pct": 1,
"is_guarantor": true,
"is_key_man": true,
"net_worth_stated": 29232000,
"liquid_assets_stated": 1786400,
"contingent_liabilities_stated": 0,
"years_cre_experience": 15,
"pfs_received": true,
"tax_returns_received": false,
"figures_verified": false,
"verification_basis": "pfs_stated"
}
],
"entity": {
"name": "Ironwood Logistics Holdings LLC",
"type": "llc",
"state": "AZ"
},
"financial_summary": {
"global_net_worth": 29232000,
"global_liquidity": 1786400,
"nw_to_loan_ratio": 1.8,
"nw_to_loan_policy_min": 1,
"liquidity_to_loan_ratio": 0.11,
"liquidity_to_loan_policy_min": 0.1,
"all_figures_verified": false,
"unverified_flag": true
}
}Market Analysis
Tolleson / Southwest Valley infill logistics fundamentals as of 2026-08.
json
{
"_meta": {
"section": "market_analysis",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Broker survey and published market reports; refresh before credit committee."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"market": "Phoenix Metro",
"submarket": "Tolleson / Southwest Valley",
"data_as_of": "2026-08-01",
"vacancy": {
"current_rate": 0.041,
"trend": "stable"
},
"rents": {
"yoy_growth_pct": 0.035,
"trend": "moderate"
},
"cap_rates": {
"range_low": 0.06,
"range_high": 0.065,
"subject_going_in": 0.0625
},
"supply": {
"note": "Big-box deliveries elevated along Loop 303; sub-200k SF infill product remains supply-constrained."
}
}Validation
Financial-validity engine run over the sections above.
json
{
"_meta": {
"section": "validation",
"provenance": {
"source": "system/financialValidityChecker",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"overall_status": "clean",
"financial_validity": [],
"completeness": []
}