{"id":1004752787,"date":"2025-04-01T01:10:36","date_gmt":"2025-04-01T09:10:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004752787"},"modified":"2025-06-03T04:32:20","modified_gmt":"2025-06-03T12:32:20","slug":"whole-foods-anchored-phoenix-retail-center-secures-refi","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/whole-foods-anchored-phoenix-retail-center-secures-refi\/","title":{"rendered":"Whole Foods-Anchored Phoenix Retail Center Secures Refi"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Retail-center-in-Scottsdale-Ariz.-at-East-Indian-School-Road.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004752789\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/retail-center-in-scottsdale-ariz-at-east-indian-school-road-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Retail-center-in-Scottsdale-Ariz.-at-East-Indian-School-Road-edited.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Retail center in Scottsdale, Ariz. at East Indian School Road\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Retail-center-in-Scottsdale-Ariz.-at-East-Indian-School-Road-edited.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Retail-center-in-Scottsdale-Ariz.-at-East-Indian-School-Road-edited.jpg\" alt=\"Exterior shot of the 92,622-square-foot retail center in Scottsdale, Ariz., located at 7620 East Indian School Road.\" class=\"wp-image-1004752789\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Retail-center-in-Scottsdale-Ariz.-at-East-Indian-School-Road-edited.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Retail-center-in-Scottsdale-Ariz.-at-East-Indian-School-Road-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/03\/Retail-center-in-Scottsdale-Ariz.-at-East-Indian-School-Road-edited.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">The 92,622-square-foot retail center on East Indian School Road came online in 1975. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Jakosky Properties has received a $24.5 million refinancing loan for Miller Plaza, a 92,622-square-foot retail center in Scottsdale, Ariz., located at 7620 E. Indian School Road, according to CommercialEdge information. City National Bank originated the note.<\/p>\n\n\n\n<p>A Whole Foods Market is slated to open at the property in early 2026, replacing the previous grocery tenant, Fry&#8217;s Food &amp; Drug. Western Retail Advisors is marketing the retail center for lease.<\/p>\n\n\n\n<p>Jakosky Properties has owned the Scottsdale asset since 2002, when the company acquired it for $7.4 million, the same source shows. The retail center had previously been the subject of a five-year, $10.9 million loan originated by RGA Reinsurance Co.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/unlocking-the-sun-belts-retail-potential\/\">Unlocking the Sun Belt\u2019s Retail Potential<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Miller Plaza includes three buildings completed in 1975 on 8 acres. The current tenant roster features Subway, Sunchain Tanning, ATI Physical Therapy, Cosmo Prof, Orange Theory Fitness, Bad Jimmy&#8217;s, Merci French Cafe &amp; Patisserie and Arizona Hair Co. Downtown Phoenix is some 13 miles west.<\/p>\n\n\n\n<p>The daytime population within a 3-mile radius reaches almost 125,000 people, with an average household income of $126,023 as of 2023, according to ESRI data quoted by Western Retail Advisors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-scottsdale-retail-shows-solid-fundamentals\">Scottsdale retail shows solid fundamentals<\/h2>\n\n\n\n<p>On the overall, Phoenix remained a relatively tight retail market, with direct vacancy at 5.3 percent as of last year&#8217;s final quarter, according to an Avison Young report. The Scottsdale submarket fared even better, with direct vacancy at 4.7 percent and the average direct asking rent at $34.67 per square foot, the highest of any Phoenix submarket and significantly above the $25.43 market average.    <\/p>\n\n\n\n<p>In an interview with <em>Commercial Property Executive<\/em>, First Washington Realty CEO Alex Nyhan discussed the growing need for <a href=\"https:\/\/www.commercialsearch.com\/news\/cpe-asks-whats-driving-demand-for-small-format-neighborhood-stores\/\">small-format neighborhood stores<\/a> because of their curated selection of products close to home, which makes shopping more efficient and personalized. Nyhan also noted that these retail centers are profitable for both customers and investors, due to the implementation of AI in managing inventory, which has significantly reduced costs.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The grocery retailer is opening shop next year.<\/p>\n","protected":false},"author":3619,"featured_media":1004752789,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,21742,1601,21749,15],"tags":[33022,33195,52458,33004],"class_list":["post-1004752787","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-latest","category-phoenix","category-retail","category-west","tag-avison-young","tag-city-national-bank","tag-western-retail-advisors","tag-whole-foods-market"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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