Northmarq’s Phoenix Debt + Equity team arranges $20M refinance of Foothills Park Place Shopping Center

Northmarq’s Phoenix Debt + Equity team led by James DuMars and Griffin Martin successfully arranged the $20 million refinance of Foothills Park Place Shopping Center, a 126,460-sq.-ft. shopping center located at 4802 – 5030 E Ray Rd in Phoenix, Arizona. 

Northmarq arranged the permanent-fixed financing on behalf of the borrower, Hahn Family Partners, LP, through a correspondent relationship with Wells Fargo’s commercial mortgage-backed security (CMBS) platform on a 10-year term. The property, built in 1991, is conveniently located roughly 16 miles southeast of downtown Phoenix. 

Foothills Park Place Shopping Center sits at the intersection of the I-10 (Interstate 10) and Ray Road, which is one of the premier retail corridors in the East Valley with several million square feet of retail space located on both sides of I-10, along Ray Road. This retail corridor serves the five-mile radius’ 200,000 residents with an average household income of over $113,000 and includes the retail centers of Foothills Park Place Shopping Center, Ahwatukee Towne Center, Casa Paloma and Chandler Pavilions.

Major retailers in this corridor include Target, Hobby Lobby, JCPenney, Goodwill, Peter Piper Pizza, Mountainside Fitness, Urban Air Trampoline, Big 5 Sporting Goods, Sprouts Markets, Burlington, Marshalls, Michaels, Party City, Kirkland's, PetSmart, Lina Home Furnishings, Einstein Bagels, Ross Dress for Less, Home Goods, AMC Theaters, Ra Sushi Bar, Cost Plus World Market, Petco, Phenix Salon Suites, Best Buy, Jo-Ann Fabrics, Dollar Tree, David’s Bridal, Home Depot, REI, Golf Galaxy, Sam’s Club, Lowe’s, Bev Mo, AJ’s Fine Foods, Ulta, Flemmings, Pei Wei, Lamps Plus and Sportsman's Warehouse.