Gilbert Retail Center Trades for $85M

Meridian Capital Group has arranged $60 million in acquisition financing for the purchase of Gilbert Gateway Towne Center, a 263,973-square-foot retail center located at the southwest corner of Power Road and Loop 202 in Mesa, Arizona. The loan was provided by Citi and structured at over 70% loan-to-cost with full-term interest-only payments. The transaction closed in 45 days. 

The property, acquired by the Irgang Group for $85 million, is 100% occupied and sits on approximately 35.5 acres. The transaction closed in 45 days. The center last traded for $50.2 million in 2022.

Tenants include a Chick-fil-A, Einstein Bagels Bros., Mega Furniture, Ross Dress for Less, Michaels, Tillys and other food and retail businesses.

Simon Rosenfeld and Ariel Taieb of Meridian arranged the financing on behalf of the borrower. 

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