CIM Provides $95.6 Million Bridge Loan for Galleria Corporate Center in Scottsdale, Arizona
CIM Group, a community-focused real estate and infrastructure owner, operator, lender, and developer, announced today that it has closed on a $95.6 million bridge loan provided to Stockdale Capital Partners, the owner of Galleria Corporate Center. The property includes an approximately 546,000-square-foot creative office building connected by a skybridge and an adjacent ten-story parking garage located at 4301 ? 4343 North Scottsdale Road in Scottsdale, Arizona.
The property, located in the heart of Old Town Scottsdale, was rated a 90 walk score due to its close proximity to the best collection of restaurants, nightlife, retail, and hotels in the area. Galleria Corporate Center is also a short walk to Scottsdale Fashion Square, an upscale shopping mall with more than 200 stores, restaurants, and a movie theater.
Scottsdale is approximately 12 miles northeast of Phoenix and is conveniently accessible via multiple major highways and the Valley Metro Rail and Bus service. Loop 101, Highway 60, Highway 202, I-10, and I-17 connects Scottsdale to nearby cities. The Valley Metro Rail service's 57-mile high capacity light rail connects tens of thousands of riders daily between Phoenix and surrounding suburbs. Scottsdale Airport serving approximately 80 domestic and 21 international locations is approximately nine-and-one-half miles to the north of the Galleria Corporate Center and is a quick 20-minute drive.
As an owner, developer and operator of commercial properties, CIM also provides construction, bridge, and repositioning loans to developers of condominiums, apartments, hotels, mixed-use, and entertainment projects in major markets across the United States.
About CIM Group
CIM is a community-focused real estate and infrastructure owner, operator, lender and developer. Since 1994, CIM has sought to create value in projects and positively impact the lives of people in communities across the Americas by delivering more than $60 billion of essential real estate and infrastructure projects. CIM's diverse team of experts applies its broad knowledge and disciplined approach through hands-on management of real assets from due diligence to operations through disposition. CIM strives to make a meaningful difference in the world by executing key environmental, social and governance (ESG) initiatives and enhancing each community in which it invests. For more information, visit www.cimgroup.com
About Stockdale
Stockdale Capital Partners is a vertically-integrated real estate investment firm with a 30?year history of investing in commercial real estate across multiple asset classes throughout the Southwest. The company is an owner-operator specializing in the redevelopment and repositioning of real estate assets with expertise in revitalizing urban properties of all types. The firm currently manages approximately $1 billion in AUM on behalf of several joint ventures, as well as a discretionary closed-end fund. For more information, visit https://stockdalecapital.com/
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