**Scottsdale Developer Secures $24.5M Refi for Whole Foods-Anchored Retail Center**
A new Whole Foods Market is slated to open in 2026 at a Scottsdale retail center, but the plans haven’t stopped the property’s owner from securing a significant refinancing deal ahead of time.
Jakosky Properties recently received a $24.5 million refinancing loan for its 92,622-square-foot retail center located at 7620 East Indian School Road in Scottsdale, Arizona. The loan was originated by City National Bank, according to CommercialEdge.
The development will see Whole Foods replace an existing Fry’s Food & Drug store, becoming the anchor tenant in a revamped retail mix. Western Retail Advisors is actively marketing the property, with plans to lease a 16,000-square-foot space alongside two additional smaller retail units.
Jakosky Properties has owned the retail center since 2002, when it acquired the property for $7.4 million. Previously, the center had been under a five-year, $10.9 million loan from RGA Reinsurance Co. The property was originally built in 1975 and spans 8 acres across three buildings, currently housing eight tenants.
**Upcoming Event: Connect Phoenix Multifamily, SFR & BTR – April 10, 2025**
Industry professionals will gather on Thursday, April 10, 2025, at The Westin Kierland Resort & Spa in Scottsdale for Connect Phoenix Multifamily, SFR & BTR. The event promises expert insight from leading firms including Mark-Taylor Residential, Trammell Crow Company, U-Haul International, Asset Living, Thorofare Capital, Toll Brothers Apartment Living, Christopher Todd Communities, Radix, and Quarterra.
Don’t miss this opportunity to hear firsthand forecasts for the region’s rental housing market through the rest of 2025.
