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…