James DuMars, senior vice president and managing director of NorthMarq Capital’s Phoenix office, has arranged financing on seven shadow-anchored shopping centers totaling $43 million. The class A assets are located in Arizona and Texas and include Fry’s Marketplace, Kroger, Target and Albertsons as the shadow anchors. NorthMarq arranged the financing through its relationship with New York-based Citigroup Capital Markets. The borrower, Barclay Group, is a national development firm whose principals have developed more than 100 retail centers. Over the years, DuMars has assisted Barclay with nearly $200 million in permanent financing transactions.
“Barclay Group wanted to take advantage of the historically low interest rates and lock in long term,” said DuMars. “Furthermore, there were many suitors for these strong performing centers backed up by a premier developer such as Barclay Group.”