Surprise Retail Developer, Common Bond Development Group, Secures $16.5 Refi for Safeway-anchored, Sterling Grove Shopping Center in Surprise

2/14/2025

|

Connect CRE

• Subcategory: Capital Markets: Debt, Retail: Shopping

• Tag: Closing

• Additional Filters-Subcategory: Capital Markets: Debt-Refinance, Capital Markets: Debt-Senior Loan, Retail: Community Center, Retail: Grocery Anchored

• Company: Nationwide, Jones Lang LaSalle (NYSE: JLL)

Common Bond Development Group obtained $16.5 million in senior financing for a newly constructed Safeway-anchored retail center in Surprise, Arizona. Nationwide was the lender.

Sterling Grove Shopping Center, developed in 2023, is a newly constructed retail development that is 100% leased to a diverse mix of national and regional tenants. In addition to Safeway, other prominent tenants include brands such as McDonald’s, Starbucks and Taco Bell. The center is located at 17124 W Peoria Ave. in the greater Phoenix MSA, near the intersection of SR-303 and Northern Parkway.