Meridian Capital Group has arranged acquisition financing for Irgang Group’s purchase of Gilbert Gateway Towne Center, a large-format retail center at the southwest corner of Power Road and Loop 202 in Mesa, Arizona. The 263,973-square-foot property was acquired for $85 million and is described as being 100% occupied at the time of sale, reflecting full tenant retention across the center.
The financing package, totaling $60 million, was provided by Citi. According to Meridian, the loan was structured at over 70% loan-to-cost and features full-term interest-only payments, aligning with a capital stack geared toward cash-flow efficiency rather than amortization in the near term. The financing and sale process moved on an expedited timeline, with the transaction closing in 45 days.
Gilbert Gateway Towne Center sits on approximately 35.5 acres, offering a sizable footprint for both retail operations and parking. The center last traded for $50.2 million in 2022, indicating a meaningful increase in valuation over a relatively short hold period for the prior owner. While specific income metrics were not disclosed, the combination of full occupancy and higher pricing relative to the 2022 sale points to sustained demand for this type of open-air retail product in the Mesa market.
The tenant roster at Gilbert Gateway Towne Center includes a mix of national and regional retailers as well as food and beverage operators. Named tenants in the center include Chick-fil-A, Einstein Bagels Bros., Mega Furniture, Ross Dress for Less, Michaels and Tillys, alongside other food and retail businesses. This array of tenants suggests a blend of daily-needs, soft goods and quick-service offerings that help drive consistent traffic to the property.
Meridian Capital Group’s Simon Rosenfeld and Ariel Taieb arranged the financing on behalf of Irgang Group. The combination of a high-occupancy asset, institutional bank lender and structured interest-only loan underscores ongoing capital availability for well-leased retail centers in established suburban locations such as Mesa. Specific loan terms beyond loan-to-cost, interest-only structure and lender identity were not disclosed in the announcement.
