Haagen Lands Refi for Phoenix Retail Asset

Haagen Co. has received a $29.2 million permanent loan to refinance Goodyear Centerpointe, a 320,000-square-foot retail power center in Goodyear, Ariz.

Gantry secured the 20-year, fixed-rate loan through a life insurance company. The note carries a 20-year amortization and a prepayment stepdown after 10 years.

Haagen purchased the retail center for $44.2 million back in 2014, according to CommercialEdge data. RGA Reinsurance Co. provided a $28.9 million acquisition loan.

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Completed in 2007 on some 31 acres, Goodyear Centerpointe incorporates seven buildings and features an inline anchor building, two out-parcel buildings and a series of free-standing pad sites. Its tenant roster includes a diverse mix of retailers such as Conn’s Appliances, EOS Fitness, Urban Air, Hobby Lobby, Turner’s Outdoorsman, Goodwill Industries, Eyeglass World, Olive Garden, Red Lobster and Texas Roadhouse, among others.

Located at 15277-15475 W. McDowell Road, in the West Valley suburb, Goodyear Centerpointe is just north of Interstate 10, which provides direct access to downtown Phoenix. The property is across from the Market at Estrella Falls shopping mall.

Gantry Principals Braden Turnbull and Patrick Barkley, Senior Associate Chad Metzger and Associate Alicia Sabanero brokered the deal, working on behalf of the borrower.

Phoenix’s retail scene

The West Valley suburbs’ strong fundamentals continue to generate retail performance, Barkley said in a prepared statement. As a consequence, a variety of lenders direct investments toward this asset class across the Phoenix metro.

The Valley has recorded approximately 3 million square feet of retail space under construction in the first quarter of this year, according to a recent Kidder Mathews report. The vacancy rate clocked in at 4.6 percent, while the average asking rents price stood at $1.53 per square foot.