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PEORIA, AZ-Phoenix-based PDG America has closed on a bridge loan of close to $21.8 million that will be used to refinance the Peoria Station shopping center and add more than 43,000 sf of retail space to the existing 141,000-sf plaza.

The loan, financed through Inland Mortgage Corp. of Oak Brook, IL, will bring the four-building at 6817 W. Peoria Ave. property up to 181,835 sf. “From the time it was built in 1986, the plan was to build out the entire 180,000 sf,” Leslie Lundin, senior vice president with Inland Mortgage, tells GlobeSt.com.

Lundin said PDG America opted to follow through on that expansion plan after fully leasing the existing plaza. Located on about 21.5 acres of land at the southwest corner of Peoria Avenue and 67th Avenue, the plaza is anchored by Safeway and LA Fitness and is home to Jiffy Lube, Taco Bell and Great Clips.

The new construction, scheduled to be completed by the end of this year, will add 40,757 sf to the existing center plus another 3,000 sf of pad space for a ground lease. The additional retail space is 45% pre-leased primarily to an 11,757-sf Tutor Time children’s center. Lundin said Valley Vitamins, Peoria Nails and Port of Subs will also be among the new tenants.

PDG America was represented by Jim Carmody of Commercial Realty Capital Advisors in the loan transaction. Inland Mortgage Corp., which financed 100% of the total cost and 85% of the property’s stabilized value, is part of the Inland Real Estate Group of Cos., headquartered in Oak Brook.

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