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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%.

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