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| Constantine Scurtis |
MIAMI, FL -- SL Capital, an exclusive correspondent of
Cantor Commercial Real Estate, has financed the acquisition of a retail plaza
in Phoenix, providing the new owners with a collateralized mortgage-backed
security (CMBS) loan. The $3.46 million mortgage for Corner on 7th has a
five-year term and amortizes over 30 years.
The
16,176-square-foot property was built in 1948 and renovated in 2011with a new
exterior, and new mechanical and plumbing systems. The center is in a busy
business district with over 300,000 daytime employees within a 5-mile radius.
Five of the nine
suites are occupied by corporate franchises or franchisees with extensive operating
histories: Chipotle Mexican Grill, Five Guys Burgers and Fries, How do you
Roll?, Jersey Mike’s Subs and Arizona-based Zoyo Neighborhood Yogurt.
The buyers paid
$6.84 million, or $422 per square foot, for the property.
SL Capital Chairman
and CEO Constantine Scurtis said CMBS financing made perfect sense in
this deal.
“The client was able
to take advantage of competitively low rates with no recourse, and secure
larger proceeds than with a traditional bank mortgage,” he said. “It’s a great
option for a commercial real estate owner/investor looking to finance or
refinance a stabilized retail, office, multifamily or industrial property. The
CMBS market is definitely making a comeback from its peak of several years
ago.”
For a complete copy
of the company’s news release, please contact:
Todd Templin
Executive Vice President
Boardroom Communications
(954) 370-8999
(954)290-0810 (Cell)
(954) 370-8892 Fax
1776 N. Pine Island Road,
Suite 320,
Plantation, FL 33322
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