Exclusive: Phoenix Mall Lands Refi After Extensive Revamp
The once-vacant property has already attracted new tenants.
Hinkson Co. has secured a $30 million refinancing loan for Casa Grande Mall, a 221,328-square-foot retail asset in Casa Grande, Ariz., a southern Phoenix suburb, according to Yardi Matrix. Natixis issued the funds.
The owner acquired the then-vacant property in 2024 for just $7.7 million. Following the deal, Hinkson implemented a renovation program backed by debt amounting to $15.4 million issued by Freedom Financial Funds, the data provider shows.
Casa Grande Mall has already attracted new tenants, such as Hobby Lobby, which took up 54,027 square feet at the property, marking its first location in Casa Grande. EōS Fitness also made its first move in the city, opening a 39,133-square-foot gym earlier this year. CBRE arranged the Hobby Lobby deal.
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Located at 1226 East Florence Blvd., the retail center is more than 1 mile away from downtown Casa Grande, a city that serves as a manufacturing, logistics, health-care and retail hub for Pinal County. More than $7 billion in investment are planned across the submarket, with companies such as Lucid Motors, Procter & Gamble, Nikola and Kohler looking to expand in the area.
Hinkson is no stranger to renovating Phoenix-area shopping malls. It currently works on revamping several other retail properties, including Fiesta Commons, which is set to re-open this fall in Mesa, Ariz., and Power Village, another infill shopping center in Mesa.
The company’s principal, founder & CEO, Chris Hinkson, has owned, developed and redeveloped more than 14 retail assets throughout the Southwest, accounting for more than 3.5 million square feet.
Strong fundamentals fuel Phoenix’s retail pricing power
Phoenix’s retail market posted strong results during the first quarter, having a vacancy of just 4.3 percent, marking a record low, according to a Colliers report. Rents were also up 2.2 percent during the first quarter.
Retail investment clocked in at $388.2 million year-to-date through May, Colliers shows. Pricing power persisted with properties changing hands for $234 per square foot. For reference, during the entirety of last year, the figure averaged $192 per square foot, representing a 7.9 percent improvement compared to 2024.
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