CBRE Negotiates Financing for Mesa South Shopping Center in Arizona

CBRE negotiated $8 million in financing for Mesa South Center LP to acquire the Mesa South Shopping Center at 1230 South Gilbert Road in Mesa, Ariz.

Shaun Moothart, Bruce Francis, Bob Ybarra, Doug Birrell, Nick Santangelo and Jim Korinek with the CBRE Capital Markets Debt and Structured Finance team secured the 10-year (5-year + 5-year) loan term through a correspondent life insurance company.

"We were able to provide competitive fixed-rate financing for a shopping center with upside potential," said Mr. Ybarra, executive vice president at CBRE.

Cushman & Wakefield's Michael Hackett and Ryan Schubert represented the confidential seller. Regal Properties' Maha Odeh-Arnold represented Mesa South Center LP in the $15 million sale of the 133,663-square-foot-multi-tenant shopping center.

"This transaction marks our team's 100th retail financing over the past five years," added Mr. Moothart, executive vice president at CBRE. "The optimism around the retail sector from both an equity and debt perspective are palpable."

Located at the southwest corner of Gilbert Road and Southern Avenue, Big 5 Sporting Goods, Harbor Freight, and Dollar Tree anchor the shopping center off State Route 60.

At the time of sale, the neighborhood retail center was 85.3% occupied and has eight suites totaling 19,600 square feet available for lease. The property was originally built in the 1980s but has undergone renovation, including recent capital investments into the parking lot.