James V. DuMars, senior vice president/managing director of NorthMarq Capital’s Phoenix based regional office arranged the $23 million refinance of Foothills Park Pace a 132,496 sq.ft. retail property located at 4802, 4810,4910,4940,5010 & 5030 E. Ray Road in Phoenix.
The property is in a strategic location adjacent to the I-10 Freeway and at the highest trafficked intersection of the Ahwatukee Foothills Community, an affluent bedroom community in Southeastern Phoenix. The subject offers the only inline shops option at the intersection as the remaining three corners are developed primarily with big box retail. The subject’s strong historical occupancy (averaging 95 percent over the past two decades) reflects this competitive positioning. Furthermore, the sophisticated sponsorship behind the asset was at one time the largest owner of retail properties in Southern California.
“The asset was pursued aggressively by life companies and CMBS lenders,” said DuMars. “Due to the low leverage request, the borrower elected a CMBS option that provided extremely attractive loan terms. This is a refinance of a loan arranged for the owner 10 years ago–except this time around the interest rate is nearly 1% lower.”