Holliday Fenoglio Fowler, L.P. (HFF) announced Monday 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 east Mesa.
HFF worked on behalf of the borrower, Progression REI, to place the 10-year, fixed-rate loan with Wells Fargo Bank.
Anchored by a Bashas’ Grocery Store, 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 and Main Street. 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,” Brown explained.
“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.
