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8/24/26
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Scottsdale Towne Center, a 168k sf retail center in Scottsdale, AZ, has been refinanced with a new loan for $45.8 mil. The center, located at 15444 North Frank Lloyd Wright Blvd, is nearly 100% leased and anchored by TJ Maxx, Ross and Mountainside Fitness, with Target as a shadow anchor.
The borrower acquired Scottsdale Towne Center in 2021 and subsequently leased a previously vacant 50k sf space to Mountainside Fitness' flagship location, helping increase occupancy to nearly 100% and positioning the asset for refinancing.
The center is located at the southeast corner of Loop 101 and Frank Lloyd Wright Blvd within Scottsdale Airpark, Arizona's second-largest employment corridor. According to CBRE Research, North Scottsdale is one of metro Phoenix's strongest retail submarkets, with rents averaging $30.20 per sq. ft. and vacancies of approximately 4.2%.
Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Nick Santangelo with CBRE Capital Markets' Debt and Structured Finance practice secured a five-year fixed, full-term interest-only loan on behalf of their client.
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