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5/27/19
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CBRE arranged $40.4 mil in debt financing for four multi-tenant retail centers located in metro Phoenix and Las Vegas. The borrower is an institutional client of CenterSquare Investment Management.
The Metro Phoenix properties include Shoppes at Rogers Ranch, located at the northeast corner of 51st Ave and Baseline Rd in Laveen, AZ, and Lake Pleasant Crossing, located at 25101 & 25225 N. Lake Pleasant Pkwy and 9710 W. Happy Valley Rd in Peoria, AZ. The Las Vegas properties are Blue Diamond Marketplace, located at 8030-8180 Blue Diamond Rd in Las Vegas and Cannery Corner, located at 2520-2760 E. Craig Rd in Las Vegas.
The four retail centers are ideally situated in areas with strong demographics and high traffic counts. Collectively, the properties total 185.7k sf and feature a diverse mix of national and regional tenants. The four properties averaged 95% occupancy at the time of funding.
Bruce Francis, Dana Summers, Robert Ybarra, Shaun Moothart and Doug Birrell of CBRE, Debt & Structured Finance arranged the 10-year loan, which features full-term, interest-only payments. The loan includes the ability for the borrower to add, release or substitute properties to the portfolio over the next 12-18 months.
“The facility allowed the borrower to increase or decrease loan proceeds over the term of the loan, and add, substitute or release properties, giving the borrower maximum flexibility to execute their business plan,” said Francis.
According to Moothart, they were able to secure financing for each individual center on a one-by-one basis. As the portfolio approached a scale that they felt would be attractive to the institutional debt markets, they went back out to market to secure this large portfolio loan facility, which allows the borrower to increase the loan amount up to $150 mil+/- as additional properties are added to the pool, and allowed the borrower to release and substitute properties.
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