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September 21, 2020
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TEXAS/SOUTHWEST NEWS
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138k sf AZ Retail Center Purchased with $28 Mil Loan

5/13/20

The Shops at Gainey Village, a 138.4k sf, grocery-anchored retail center in Scottsdale, AZ, was recently purchased by an unnamed borrower. The deal was made with an acquisition loan of $27.87 mil.

Located at 8777 - 8989 N. Scottsdale Road, at the southeast corner of Scottsdale and Doubletree Ranch Rds, the retail center is situated on 14.3 acres. The property was built in 2001 with 100% shop space.

The Shops at Gainey Village underwent a partial renovation and repositioning in 2018 that included the addition of grocery space that is now occupied by Sprouts Farmers Market. In 2019, the property became fully leased with the addition of several tenants, including Stretch Lab, IYA Rejuvenation Center, POSH Shop and Kaleidoscope.

Dana Summers, Steve Roth, Bruce Francis, Ryan Keiser and Shaun Moothart of CBRE arranged the acquisition loan. The financing has a 10-year term with interest-only debt at 3.00%.





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