HFF Arranges Financing for Retail Center Near Phoenix
- Mar 31, 2016
Phoenix—HFF recently arranged a $6.3 million financing for the acquisition of Marketplace at Signal Butte, an 116,358-square-foot grocery-anchored community shopping center in the eastern part of Mesa, Arizona.
HFF worked on behalf of the borrower, Progression REI, to place the 10-year, fixed-rate loan with Wells Fargo Bank. Director Greg Brown led HFF’s debt placement team representing Progression REI.
Anchored by Arizona-based grocery store chain Basha’s, Marketplace at Signal Butte is situated on 12 acres at the southwest corner of Signal Butte Road and Main Street, one of the original east-west corridors in the southeast valley. More than 83,000 residents live within a three-mile radius of the center. Brands such as Big 5 Sporting Goods, Denny’s, Dollar General, Golden China, Sunrise Daycare, US Nail Spa, Edward Jones, Papa John’s Pizza and H&R Block are tenants at Marketplace at Signal Butte.
“Our team at HFF was able to provide our client with an excellent fixed-rate financing solution during a challenging time in the capital markets as a result of our strategic lender relationships,” said Brown in prepared remarks.
“We are grateful to HFF and Wells Fargo Bank for supporting our investment in this well-located and well-designed property with a strong mix of retailers, high current returns and opportunity to grow its value,” said Jim Howard, managing director of Progression REI.
Image courtesy of HFF