Phoenix, Arizona – CBRE has secured a $17 million loan for the acquisition of Longbow Marketplace, a Sprouts-anchored retail center in Mesa, Ariz.
Garrett Stasand of CBRE arranged the loan on behalf of the buyer, a Canada-based private family investor group. The financing was provided by Nationwide Life Insurance.
Garrett Stasand of CBRE arranged the loan on behalf of the buyer, a Canada-based private family investor group. The financing was provided by Nationwide Life Insurance.
Located at 5918 E. Longbow Parkway, the 58,312 square-foot retail center was fully leased at the time of sale. The property was constructed from 2017 to 2019 on an 8.5-acre lot and
features 408 parking spaces. The site is adjacent to Loop 202, connecting the center to the rest of the Phoenix metropolitan area.
“The financing of Longbow Marketplace is a fantastic example of lenders becoming more comfortable again in getting into the retail space,” said Stasand.“ This is a very well-located asset in one of Phoenix’s most desirable submarkets.