Los Angeles, Calif –– CBRE announced that it secured a $9.1 million loan for Sterling Organization’s $15.2 million acquisition of Union Plaza, a grocery-anchored shopping center in Phoenix, AZ.
Dana Summers, Shaun Moothart and Danielle Priore of CBRE facilitated the loan for Sterling. Michael Hackett and Ryan Schubert of Cushman & Wakefield represented the seller.
The 98,701-square foot retail center is located at 18402 North 19th Avenue and has been anchored by Fry’s Food & Drug for the past 41 years. Other regional and national internet-resistant tenants include Ace Hardware, Union Hills Animal Hospital, Great Clips and US Armed Forces Recruiting. The property sits at the intersection of 19th Avenue and W. Union Hills Drive in the middle of a densely populated neighborhood, averaging almost 47,000 vehicles passing by each day.
“We were fortunate to work alongside Sterling Organization, an undisputed industry leader in the retail real estate sector,” said Moothart. “Through a very extensive marketing and ultra-competitive bid process, we were able to attract best-in-class terms and pricing from a renowned life insurance company.”
Summers added, “CBRE secured 10-year interest only financing for the sponsor, demonstrating the benefit and value of hiring an industry-leading mortgage banking firm.”