$6.3 million acquisition financing arranged by HFF for grocery-anchored retail center in Mesa, Arizona
NEWPORT BEACH, CA – March 28, 2016 – Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged $6.3 million in acquisition financing for Marketplace at Signal Butte, a 116,358-square-foot, grocery-anchored community shopping center in the eastern part of Mesa, Arizona.
HFF worked on behalf of the borrower, Progression REI, to place the 10-year, fixed-rate loan with Wells Fargo Bank.
Anchored by Basha’s, an Arizona grocery store chain, Marketplace at Signal Butte is home to Big 5 Sporting Goods, Denny’s, Dollar General, Golden China, Sunrise Daycare, US Nail Spa, Edward Jones, Papa John's Pizza and H&R Block. The center is situated on 12 acres at the southwest corner of Signal Butte Road, a north-south artery, and Main Street, one of the original east-west corridors in the southeast valley. Just south of Marketplace at Signal Butte is a full-diamond interchange at Signal Butte Road and Interstate 60, and there are more than 83,000 residents living within a three-mile radius of the center.
The HFF debt placement team representing the borrower was led by director Greg Brown.
“Our team at HFF was able to provide our client with an excellent fixed-rate financing solution during a challenging time in the capital markets as a result of our strategic lender relationships,” said Brown.
"We are grateful to HFF and Wells Fargo Bank for supporting our investment in this well-located and well-designed property with a strong mix of retailers, high current returns and opportunity to grow its value,” said Jim Howard, Progression REI managing partner.
About Progression REI
Progression REI’s core business is the acquisition and asset management of high-yielding and opportunistic retail properties throughout the Western U.S. The company maintains an extensive network of professional relationships with financial institutions, property owners, brokerage firms and tenants. These relationships enhance its in-depth knowledge of targeted local markets and support productive strategies for the retail centers in which the company invests. Progression REI’s process is designed to create long-term value and thus maximize returns for its investors. Visit www.progressionrei.com for more information.
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 22 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF.