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3/10/08
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Newmark Realty Capital Inc has arranged $3.8 mil in permanent financing for a 110.4k sf grocery-anchored shopping center located along the east side of Highway 260 (White Mountain Blvd) at Yeager Lane in Pinetop-Lakeside, an Arizona town located roughly 175 miles northeast of Phoenix. The center is anchored by a 40.2k sf remodeled Safeway and an 11.3k sf Family Dollar Store and was approximately 66% occupied at the time of the transaction.
The high vacancy is due to two major tenant spaces (a 19.6k sf former Sav-Mor Drugs and a 10k sf theater). Situated on 10.40 acres, the center was built in 1982 and includes notable tenants such as Radio Shack, Subway and Edward Jones.
Newmark’s Timothy W. Storey arranged the financing on behalf of the borrower through SCF Arizona/JPMorgan Chase NA. Specific terms of the loan were not disclosed.
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