JLL arranges $5.3M refinancing for Phoenix retail center

DENVER, Mar. 11, 2024 – JLL Capital Markets announced today that it arranged a $5.3 million refinancing for Camelback East Shops, a 25,129-square-foot neighborhood retail center in Phoenix, Arizona.

Located on the southeast corner of 32nd St. and Camelback Rd., Camelback East Shops is leased to a diverse roster of tenants including popular local restaurants, Tarbell’s and First Watch, along with long-standing retailers like Van’s Golf Shops. The center’s irreplaceable location along the Camelback corridor provides tenants with superior visibility, with over 45,000 VPD traveling on the major thoroughfare.

JLL worked on behalf of the borrower, MDC Realty Advisors, and secured the loan from a correspondent life company. Despite a recent vacancy at the center, JLL was able to procure fixed-rate financing at a favorable rate and full-term interest only amortization. MDC is in discussions with exciting new tenants that will continue to anchor the center as a destination in the Camelback corridor.

The MDC Realty Advisors team was led by one of its principals, Allan Okabe, who remarked, “32nd St. and Camelback has been a core, stable asset for MDC since we acquired it over 10 years ago.  This high-profile corner within the Camelback Corridor of Phoenix, AZ provides our tenants with high-level exposure and instant recognition throughout the region. We are excited about the opportunity to upgrade and re-tenant this unique asset and wish to thank JLL for their efforts in completing this refinancing.”

The JLL Capital Markets team was led by Director Will Haass and Executive Managing Director Eric Tupler.

“MDC has had this gem of a retail asset in their portfolio for several years and done a phenomenal job positioning it in the submarket,” said Haass. “We look forward to their continued success bringing new concepts into the center and the greater community.” 

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.

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MDC Realty Advisors has over two decades of experience in commercial real estate across Western Canada and the U.S., specializing in the acquisition, development, and management of various assets for both institutional and private investors. They offer a broad range of investment opportunities and are equipped to handle projects of different sizes and types. Leveraging their extensive network and expertise in investment management, MDC provides comprehensive services including due diligence and feasibility analysis to meet clients' specific needs and maximize returns. For further news about MDC, please visit our website at mdcra.com/news.