Financed Buildings at Shoppes at Continental Ranch Shadow Anchor Inline Safeway-anchored Center; Gantry’s Correspondent Life Company Lenders Continue to Favor Suburban Neighborhood Retail
Tucson, Ariz. (November 28, 2023) – Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $7.8 million permanent loan to refinance 26,387-square-feet of retail space that includes an inline strip that shadow anchors a independently-owned Safeway grocery store and four pad buildings, all located within the Shoppes at Continental Ranch at 9110-9150 Silverbell Road in Marana, Ariz. The Shoppes serve as the retail focal point for the fast-growing suburb of Marana, an emerging submarket northwest of Tucson off Interstate 10. Center tenants shadowing Safeway include a strategic mix of national and local dining, professional service, and essentials retailers.
Gantry’s Tony Kaufmann, Director, and Alex Poulos, Associate, with the firm’s San Francisco production office secured the financing on behalf of the borrower, a California-based retail developer. The 10-year permanent loan features an attractive fixed-rate locked at application and 30-year amortization.
According to Gantry’s Tony Kaufmann, “Grocery-anchored neighborhood centers continue to perform well in a post COVID economy, earning a favored status with our correspondent life company lenders. Marana is a fast-growing suburb of Tucson, with strong fundamentals for retail performance supported by more than 1000 new homes built in recent years. This center is the area’s sole grocery center, making it a high traffic destination in a region that continues to add new population and retail demand. These fundamentals and an articulated vision from an experienced sponsor allowed for us to shop this loan across a range of our correspondents before landing on this execution, which optimized both rate and proceeds for a legacy hold.”