HFF Arranges Financing for Retail Center Near Phoenix

Progression REI acquired a 116,358-square-foot grocery-anchored shopping center near Phoenix thanks to a $6.3 million fix-rate loan with Wells Fargo Bank arranged by HFF.

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.

Greg Brown, director at HFF

Greg Brown, director at HFF

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