A planned Whole Foods Market will not be built until 2026, but a Scottsdale developer was able to ink a refinancing on the property nonetheless. Commercial Edge reports Jakosky Properties received a $24.5 million refinancing loan for its 92,622-square-foot retail center at 7620 East Indian School Road in Scottsdale, Ariz. City National Bank originated the note.
Whole Foods is replacing Fry’s Food & Drug. Western Retail Advisors is marketing the property and looking to find a tenant for a 16,000-square-foot unit to complement Whole Foods and two other smaller retail spaces.
Jakosky Properties has owned the Scottsdale retail center since 2002, when the company acquired it for $7.4 million. The retail center had previously been the subject of a five-year, $10.9 million loan originated by RGA Reinsurance Co. Completed in 1975, the property includes three buildings on 8 acres. There are eight current tenants.
The post Scottsdale Developer Scores Refi for Whole Foods-Anchored Center appeared first on Connect CRE.
​Â