Meridian Capital Group, America’s most active dealmaker, arranged $16 million in financing for the refinance of a retail center located in Tolleson, AZ, on behalf of CIRE Equity.
The 10-year loan, provided by a balance sheet lender, was negotiated by Meridian Managing Director, Seth Grossman and Vice President, Jackie Tran, who are both based in the company’s Carlsbad, CA office.
Pecan Promenade is a single-story, 141,422 square foot retail center, located at 9820 West Lower Buckeye Road in Tolleson, AZ, which is about 15 miles west of Phoenix. Shadow anchored by Target, the property is leased to an array of national and regional tenants, including Ross Dress for Less, LA Fitness, Kirkland’s Home, Dollar Tree, Subway, Starbucks and Sally Beauty Supply. National retailers account for over 70% of the center’s current occupancy. Since acquiring the property in 2014, the borrower added value to the center by renewing 12 leases and signing five new leases. Of the 27 in-place tenants, 10 tenants have been at the property for nine years or more.
“Overall, the property benefits from good retention, steady cash flow, high visibility and a strong draw from the center’s national and regional retailers,” said Mr. Grossman.
Founded in 1991, Meridian Capital Group, LLC is one of the nation’s largest commercial real estate finance and advisory firms. Meridian is headquartered in New York with offices in New Jersey, Maryland, Illinois, Florida and California. Working with a broad array of capital providers, Meridian arranges financing for transactions ranging from $1 million to more than $500 million for multifamily, co-op, office, retail, hotel, mixed-use, industrial, healthcare, student housing, self-storage and construction properties. www.meridiancapital.com