RED Development Receives $69.3M Refinancing for Offices at The Grove in Phoenix
Why this matters
Office continues to trade in two distinct markets: trophy assets in walkable submarkets that are leasing at or near record rents, and commodity Class B and C buildings where the basis is still resetting. Underwriting on the latter has moved toward replacement-cost-minus, with credit underwriting now leaning on tenant covenant and remaining lease term rather than mark-to-market expectations. Phoenix is at the front of the Sun Belt multifamily rent-growth recovery and continues to absorb large-format industrial along the I-10 corridor. For LP-positioned capital, the read-through is that the bifurcation is now a structural feature of the sector, not a cycle to wait out.
Editorial analysis · Real Estate Trail Editorial
On the RET wire
- The twelfth Phoenix story tracked on the wire in November 2026. All Phoenix coverage →
- Disclosed office deal value tracked in November 2026: $6.2B across 32 reported transactions. All Office coverage →
Computed from Real Estate Trail’s own tracked coverage
PHOENIX — RED Development has obtained $69.3 million in refinancing for The Offices at The Grove, a Class AA office building in Phoenix. Kevin Mackenzie, Jason Carlos and Frank Chums of JLL Debt Advisory team arranged…
External link. Real Estate Trail does not republish source content.
Related coverage — Phoenix · Office
News | Vestar plans Phoenix shopping center after competitive land auction
PREP Property Group Acquires 480,000 SF Promenade at Casa Grande Shopping Center in Arizona
CASA GRANDE, ARIZ. — PREP Property Group has purchased Promenade at Casa Grande, a regional shopping center in Casa Grande, approximately 50 miles south of Phoenix. Terms of the acquisition were not released. Located…
Oxford Properties Buys Six-Property Industrial Portfolio in Phoenix
Oxford Properties Group has purchased six industrial properties across three addresses in Phoenix and Tempe, Ariz., near Sky Harbor International Airport . Oxford announced the acquisition of 440 West Fairmont Drive ,…
11North Partners Pays $108.7M for Arizona Grocery Portfolio
A&C Properties offloaded a seven-property, grocery-anchored for $108.7 million. The properties, making up 422,000 square feet of space were in Phoenix and Tucson. JLL represented A&C Properties Inc., in the transactio…
Vestar Buys N. Phoenix Parcel, Planning Retail Center
Vestar acquired a 20-acre parcel of land from the Arizona State Land Department at the intersection of Black Mountain Parkway and Deer Valley Road in North Phoenix, with plans to build a shopping center. The new groce…
A&C Properties Sells Grocery-Anchored Retail Portfolio in Arizona for $108.7M
CHANDLER, CAVE CREEK, GILBERT, MESA AND TUCSON, ARIZ. — A&C Properties Inc. has completed the sale of Arizona Grocery Portfolio, a grocery-anchored retail portfolio in Phoenix and Tucson, to 11North Partners for $108.…