JLL Capital Markets secured a $5.3M loan for Camelback East Shops
PHOENIX, AZ (Mar. 13, 2024) – JLL Capital Markets announced today that it arranged a $5.3 million refinancing for Camelback East Shops, a 25,129-square-foot neighborhood retail center in Phoenix, Arizona.
Located on the southeast corner of 32nd St. and Camelback Rd., Camelback East Shops is leased to a diverse roster of tenants, including popular local restaurants Tarbell’s and First Watch and long-standing retailers like Van’s Golf Shops. The center’s irreplaceable location along the Camelback corridor provides tenants superior visibility, with over 45,000 VPD traveling on the major thoroughfare.
JLL worked on behalf of the borrower, MDC Realty Advisors, and secured the loan from a correspondent life company. Despite a recent vacancy at the center, JLL was able to procure fixed-rate financing at a favorable rate and full-term interest only amortization. MDC is in discussions with exciting new tenants that will continue to anchor the center as a destination in the Camelback corridor.
The MDC Realty Advisors team was led by one of its principals, Allan Okabe, who remarked, “32nd Street and Camelback has been a core, stable asset for MDC since we acquired it over 10 years ago. This high-profile corner within the Camelback Corridor of Phoenix provides our tenants with high-level exposure and instant recognition throughout the region. We are excited about the opportunity to upgrade and re-tenant this unique asset and wish to thank JLL for their efforts in completing this refinancing.”
Director Will Haass and Executive Managing Director Eric Tupler led the JLL Capital Markets team.
“MDC has had this gem of a retail asset in their portfolio for several years and done a phenomenal job positioning it in the submarket,” said Haass. “We look forward to their continued success bringing new concepts into the center and the greater community.”