$10M Floated for Bashas' Thunderbird Village

PEORIA, AZ-Bashas’ Thunderbird Village, a newly completed 82,100-sf shopping center anchored by the popular grocer, has received a first mortgage for slightly more than $10 million from Canadian Imperial Bank of Commerce. The loan represents 80% of the purchase price.

Financing for the center, located at the northwest corner of 75th Avenue and Thunderbird Road in Peoria, was arranged through Johnson Capital Partners of Arizona. Don Burnes, senior vice president with Johnson Capital Partners, tells GlobeSt.com the center’s financing package was a good opportunity for the new owners, KB Thunderbird Investors LLC of Phoenix, who were attracted by Bashas’ 20-year lease and the upside potential of shorter tenant leases.

“When you have an investment group that can look to the stability of the long term interest stream of the grocery store and have the upside for short term leases, its a great combination,” Burnes said. The shopping plaza was sold to the new owners by NYC 75th and Thunderbird Investors LLC of Phoenix.

The center is anchored by a 54,398-sf Bashas’ supermarket and 97% leased to other tenants that include Starbucks, Quizno’s Subs, Nextel and the UPS Store. All stores in the plaza are expected to be open by June.