Canadian Private Investor Acquires Longbow Marketplace
Longbow Marketplace, a Sprouts-anchored retail center in Mesa, was constructed from 2017 to 2019 on an 8.5-acre lot located at 5918 E. Longbow Pkwy. and features 408 parking spaces. The site is adjacent to Loop 202, connecting the center to the rest of the Phoenix metropolitan area.
A $17 million loan was recently secured for the acquisition of the 58,312-square-foot retail center, which was fully leased at the time of sale. Garrett Stasand of CBRE arranged the loan on behalf of the buyer, a Canadian private family investor group. The financing was provided by Nationwide Life Insurance.
“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.”
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.