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Scottsdale Retail Center Inks $45.8M Refi
CBRE has arranged a $45.8 million refinancing for Scottsdale Towne Center, a 168,090-square-foot retail center located at 15444 North Frank Lloyd Wright Blvd., in Scottsdale, Arizona. Shaun Moothart, Bruce Francis, Doug Birrell, Bob Ybarra and Nick Santangelo with CBRE Capital Markets’ Debt and Structured Finance practice secured a 5-year fixed, full-term interest-only loan on behalf of their client.
Scottsdale Towne Center is nearly 100% leased. The center is anchored by TJ Maxx, Ross and Mountainside Fitness and shadow-anchored by Target.
The sponsor acquired Scottsdale Towne Center in 2021 and subsequently leased a previously vacant 50,000-square-foot space to Mountainside Fitness’s flagship location, helping increase occupancy to nearly 100% and positioning the asset for refinancing. Vestar showcases Scottsdale Towne Center on its website.
The center is located at the southeast corner of Loop 101 and Frank Lloyd Wright Boulevard within Scottsdale Airpark, Arizona’s second-largest employment corridor.
- ◦Financing
