CBRE has secured $15 million in permanent financing for a shadow-anchored retail property located at the intersection of Oracle Road and Wetmore Road in Tucson, on behalf of its client, Acacia Real Estate Group.
Shaun Moothart , Bruce Francis , Bob Ybarra , Doug Birrell , Nick Santangelo and Jim Korinek with the CBRE Capital Markets Debt and Structured Finance team arranged the 25-year fully amortizing loan from a life insurance company correspondent.
“This was a 1031 exchange for our client, and with the market being as volatile as it is, the certainty of execution with a balance sheet lender was a very high priority for the borrower,” said Moothart, executive VP for CBRE.
Located at 4368-4386 North Oracle Road, the 90,456-square-foot-retail center has three buildings and is fully leased to 13 tenants. The center is anchored by JoAnn Fabric and Craft, Cost Plus World Market, PetSmart and Ulta, and is shadow anchored by Home Depot, Total Wine and Nordstrom Rack.
“Shaun and his CBRE Capital Markets team were excellent to work with in procuring the lender and processing the loan to close this transaction, said David Pittman, managing director at Acacia Real Estate Group. “Acacia was very pleased with the professionalism and dedication of Shaun and his team in assisting us with this acquisition.”
The property was built in 2005 and is situated on 8.30 acres on the southwest corner of the busy intersection of Oracle Road and Wetmore Road.