$16.5M loan secured for Sterling Grove Shopping Center in Phoenix

PHOENIX, Feb. 13, 2025 –  JLL Capital Markets announced today that it has secured a $16.5 million senior financing for Sterling Grove, a newly constructed Safeway-anchored retail center in Surprise, Arizona.

JLL represented the borrower, Common Bond Development Group, in arranging the permanent financing through a correspondent relationship with Nationwide .

Sterling Grove Shopping Center, developed in 2023 by Common Bond Development Group, is a newly constructed retail development that is 100% leased to a diverse mix of national and regional tenants, anchored by a Safeway supermarket and accompanying Safeway Fuel station. Other prominent tenants contributing to Sterling Grove’s strong draw include well-known brands such as McDonald's, Starbucks and Taco Bell, enhancing its appeal as a convenient one-stop destination for local shoppers. The center is strategically located at 17124 W Peoria Ave. in the greater Phoenix MSA, positioned near the intersection of SR-303 and Northern Parkway.

JLL Capital Market’s Debt Advisory team representing the borrower was led by Senior Director Jason Carlos.

"At this point in the market, there is more debt capital available than properties to finance but lenders remain focused on quality assets," Carlos stated. "The product delivered by Common Bond and the tenants secured fit lenders’ parameters and was reflected in a very competitive outcome."

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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