JLL arranges $36.25M financing for Tempe mixed-use complex
Pedestrian-oriented, mixed-use asset steps from one of the nation’s largest universities
PHOENIX, January 9, 2020 – JLL Capital Markets announced today that it has arranged $36.25 million in financing for Centerpoint on Mill, a 138,977-square-foot, Class A mixed-use complex in Tempe, Arizona.
JLL worked on behalf of the borrower, a joint venture partnership between Wexford Developments and Argosy Real Estate Partners, to secure the seven-year, fixed-rate acquisition loan through a national correspondent lender.
Centerpoint on Mill is an urban, pedestrian-oriented, mixed-use complex featuring 21,340 square feet of office space and 104,157 square feet of retail space, including an AMC movie theatre. Retail tenants at the fully leased center include Audacious Studios, PF Changs China Bistro, The Pita Pit, Fat Tuesday, House of Tacos, Five Guys Burgers and Fries and Great Clips, among others. Positioned on 6.19 acres at 640-740 S Mill Avenue, Centerpoint on Mill is located in the heart of downtown Tempe. This location is just steps from Arizona State University, one of the largest universities in the U.S. by student population, and is two blocks from the Valley Metro Rail, serving more than 50,000 riders daily.
The JLL Capital Markets team representing the borrower was led by Senior Managing Directors Jeremy Womack and Eric Tupler.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Wexford Developments is a real estate investment, development, and management company with over $500 million of assets under management, with offices in Calgary, Alberta and New York City. Currently, Wexford has over 1,000,000 square feet under management, with a development pipeline exceeding over 2.2 million square feet at a value of over $835 million.
Argosy Real Estate Partners specializes in opportunistic, value-add, and core-plus real estate investments in the middle market. Argosy Real Estate Partners invests in multifamily, commercial, lodging and for-sale residential opportunities throughout the United States. Argosy currently manages over $1.2 billion of gross value of real estate assets and uncommitted equity capital on behalf of institutional investors, family offices and high net worth individuals. Argosy Real Estate Partners is a subsidiary of Argosy Capital. For further information, visit argosyrep.com.