JLL Capital Markets arranges financing for new Safeway-anchored retail center on behalf of Common Bond Development Group
News release
13 February 2025
$16.5M loan secured for Sterling Grove Shopping Center in Phoenix
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PHOENIX, Feb. 13, 2025 – JLL Capital Markets announced today that it has secured a $16.5 million senior financing for Sterling Grove, a newly constructed Safeway-anchored retail center in Surprise, Arizona.
JLL represented the borrower, Common Bond Development Group, in arranging the permanent financing through a correspondent relationship with Nationwide .
Sterling Grove Shopping Center, developed in 2023 by Common Bond Development Group, is a newly constructed retail development that is 100% leased to a diverse mix of national and regional tenants, anchored by a Safeway supermarket and accompanying Safeway Fuel station. Other prominent tenants contributing to Sterling Grove’s strong draw include well-known brands such as McDonald's, Starbucks and Taco Bell, enhancing its appeal as a convenient one-stop destination for local shoppers. The center is strategically located at 17124 W Peoria Ave. in the greater Phoenix MSA, positioned near the intersection of SR-303 and Northern Parkway.
JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director 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."
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Common Bond Development Group
Common Bond Development Group, founded in 2014 by Brian Frakes, is a Phoenix-based commercial real estate development firm specializing in retail and office properties across the southwest United States. The company has been responsible for developing numerous notable projects in Arizona including The Yard at the Farmer Arts District in Tempe, The Plant in Chandler and the Ironwood Safeway-anchored shopping center in Queen Creek, demonstrating their expertise in both multi-tenant and single-tenant developments.