Dealmaker: Newmark Arranges $26M for Mixed-Use, Retail Centers

Newmark, San Francisco, arranged $25.8 million for mixed-use and retail centers in Tucson, Ariz. and Spokane, Wash. 

In Tucson, Newmark Principal Tim Storey arranged $23.8 million in permanent financing for Campbell Plaza. DSW Commercial Real Estate, Iridius Capital and JCR Capital purchased the asset this month from The Krausz Cos. for $33 million.

Located in the city’s central corridor near the University of Arizona and Banner – University Medical Center Tucson, the mixed-use office and retail shopping center totals 190,000 square feet.

An Albertsons grocery store anchors Campbell Plaza and has operated at the property for more than 25 years. Ross Dress for Less, Staples office supplies and Ace Hardware serve as junior tenants. Newmark also helped arrange the equity required for the purchase.

In Spokane, Wash. Newmark arranged $5 million in permanent financing for the Village at Regal Pond. The 22,500-square-foot retail property is fully occupied.

Demetri Koston, Principal in Newmark’s Spokane office, and Skip Slavin, Vice President in the firm’s Seattle office, arranged the 20-year non-recourse life company financing.

“The health of the commercial real estate markets remains excellent across all asset classes,” said Newmark Principal and CFO Michael Heagerty. “We remain in a historically low interest rate environment at the close of 2018, and Newmark’s clients remain active in addressing long- and near-term structured financing needs.”