QUEEN CREEK, AZ-Vestar has secured a seven-year, permanent loan totaling $63.5 million to refinance its Queen Creek Marketplace. The 686,000-square-foot power center was refinanced by Bank of America.
Developed in 2008, Queen Creek Marketplace is at Ellsworth Loop Road and Rittenhouse Road. More than 40 national and regional retailers are at the power center including Kohl's, Ross Dress for Less, Sport Chalet and Bed Bath & Beyond. The property is shadow-anchored by a Super Target, which was not part of the loan. Furthermore, a Harkins Theatre has plans to develop a 14 screen megaplex at the center which is anticipated to open in late 2014. The asset is currently 92% occupied.
“The current state of the finance market and our strong position in the marketplace provided us an opportunity to secure long-term fixed rate financing at a historically low interest rate,” says Ed Reading, vice president of finance at Vestar in a press release. Representatives involved with the transaction were not available for comment.
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