Today, Trez Capital announced the successful completion of a $47.3 million refinance loan to CIRE Equity for Park West, a retail, dining and entertainment destination in Peoria, Arizona, northwest of Phoenix. The refinancing of Park West marks Trez Capital’s entry into the Phoenix-area retail real estate market. Adrian Watkins, vice president, at Trez Capital led the negotiations and worked closely with CIRE Equity on this deal.
“Low unemployment and steady job growth have helped boost Phoenix’s retail sector over the past several years and we’re pleased to close our first loan within the retail market in this thriving area,” said Watkins. “Trez has been very active in the Phoenix market and has financed more than $110 million commercial real estate deals in this area over the past 18 months.”
Park West is an outdoor lifestyle shopping center that features more than 30 national and local retailers, restaurants and a 14-screen Harkins Theatre nestled in a boutique shopping environment. It also boasts several popular events like a weekly farmer’s market, children’s events and seasonal festivities.
“We had a great lending partner in Trez and look forward to improving and growing this successful project,” said Josh Volen, principal and co-founder of CIRE Equity. “Park West is evolving into a leading family-friendly destination not just for the West Valley, but for the entire Phoenix metropolitan area.”
In November 2018, CIRE Equity announced plans to renovate Park West, which will include a new splash pad, landscaping, installation of shade awnings and enhanced signage. Additionally, ten new tenants were recently announced including Forever 21, Cold Beers & Cheeseburgers, Koi Poke, Orange Theory Fitness, Creamistry, The Sicilian Butcher, The Sicilian Baker Canoli Bar and Market, Hash Kitchen, Jalapeño Inferno and Pita Jungle. A grand re-opening of the property is slated for fall 2019.
Park West is conveniently located just off the Loop 101 at Northern Avenue in Peoria. The shopping center is also close to multiple hotels, schools and neighborhoods. Peoria is a thriving city and was recently included on USA Today’s “National 10 Best List.”