Federal Realty JV Lands $73M for Phoenix Retail Portfolio

Article originally posted on Commercial Property Executive on October 22, 2025

A joint venture led by Federal Realty Investment Trust has obtained a combined $73.3 million for the refinancing of the Chandler Shopping Center Portfolio, two retail properties in Chandler, Ariz., totaling 616,639 square feet.

The financing consists of a $51 million mortgage for the 354,548-square-foot Chandler Festival and a $22.3 million loan for the 262,091-square-foot Chandler Gateway.

PNC Bank provided the five-year, fixed-rate loans, public records show. JLL Capital Markets arranged the transaction.

Previous financing included a $55 million note also issued by PNC Bank in 2015, according to Yardi Matrix information. That loan matured in September.

The retail portfolio, up close

Chandler Festival came online in 2000 on a 37-acre site. Its 14 buildings house a diverse tenant mix that includes TJ Maxx, Ross Dress for Less, Nordstrom Rack, Five Below, Black Angus Steakhouse and PetSmart.

Completed in 2001, Chandler Gateway comprises six buildings across a 25-acre site. Its roster includes anchor tenants Walmart and Hobby Lobby. Petco, Red Robin Gourmet Burgers and Brews and Subway are some of the other leasing tenants at the property.

The two retail centers are across from each other at 2660 and 3430 W. Chandler Blvd. The properties are separated by Arizona State Route 101, which has a daily traffic count of 177,271 vehicles. The two open-air shopping centers rank in the top 10 percent for foot traffic, together drawing 9.9 million annual visitors.

JLL President Kevin MacKenzie, Senior Managing Director Jon Mikula, Senior Director Jason Carlos, together with Analysts Quin Madden and Tyler Naughten, led the Debt Advisory team that worked on behalf of the borrower.

Earlier this month, a different JLL Capital Markets team secured another five-year loan for a retail portfolio. Bain Capital Real Estate and 11North Partners received a $260 million in financing for the acquisition of a 10-property grocery-anchored collection.