Common Bond Development Group obtained $16.5 million in senior financing for a newly constructed Safeway-anchored retail center in Surprise, Arizona. Nationwide was the lender.

Sterling Grove Shopping Center, developed in 2023, is a newly constructed retail development that is 100% leased to a diverse mix of national and regional tenants. In addition to Safeway, other prominent tenants include brands such as McDonald’s, Starbucks and Taco Bell. The center is located at 17124 W Peoria Ave. in the greater Phoenix MSA, near the intersection of SR-303 and Northern Parkway.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Jason Carlos.

“At this point in the market, there is more debt capital available than properties to finance but lenders remain focused on quality assets,” Carlos stated. “The product delivered by Common Bond and the tenants secured fit lenders’ parameters and was reflected in a very competitive outcome.”