X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PHOENIX-Permanent and mezzanine financing to the tune of $267 million has been arranged for an 11-property portfolio of neighborhood shopping centers totaling 1.67 million sf. The portfolio consists of eight grocery-anchored centers, one power center and two strip centers located in Phoenix, Tempe, Mesa, Glendale and Peoria, AZ.

Built between 1971 and 2004, the assets range from 34,720 sf to 305,682 sf. About 60% of the tenants are national, with investment-grade credit ratings and include Wal-Mart Stores Inc., Safeway Inc., Walgreen Co., PetSmart Inc., Best Buy Inc. and Kroger Co.

Additional details will follow, but the transaction involves a new capital partner and restructured financing. A senior loan was provided by Principal Commercial Funding LLC, an operating company of Des Moines-based Principal Financial Group, and mezzanine funding by Irving, TX-based NRF Capital, a subsidiary of NorthStar Realty Finance. Timothy W. Storey in the Phoenix office of Newmark Realty Capital Inc. arranged the financing for the portfolio, which includes Arcadia Crossing at 4730 E. Indian School Rd. in Phoenix.

With Phoenix ranked near the top of most lists when it comes to job and population growth, retail centers of all types are catching eyes of investors and developers as rooftops steadily multiply. A recent GlobeSt.com article about an International Council of Shopping Centers’ conference reported the City of Phoenix’s vacancy is just 4.8%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.