Synthetic example: every name, party and figure in this record is fictional.
Cactus Crossing — Grocery-Anchored Retail, Mesa, AZ
Deal ID: uw_2026_r5e7f1 | Scenario: Stabilized Acquisition | Status: In Progress
95,000 SF | 2005 Vintage | $18,500,000 Purchase | $194.74/SF | 7.0% Cap Rate (in-place)
This file is a third worked example in the conformance corpus, alongside the Parkview multifamily and Riverside office deals. It demonstrates the .uw.md format for grocery-anchored neighborhood retail: an NNN lease structure with expense reimbursements, percentage rent, and a tenant-level rent roll mixing a grocery anchor with inline shop space.
Deal Context
Cactus Crossing is a 95,000 SF grocery-anchored neighborhood center in southeast Mesa, anchored by a regional grocer on a long-term NNN lease and 94% leased across eight tenants. The seller is a 1031 exchange buyer who is now out of their hold window. Thesis: acquire a stabilized, daily-needs center with a credit grocery anchor at a 7.0% in-place cap, hold for durable NNN cash flow, and harvest mark-to-market on the inline rollover over a 7-10 year hold.
json
{
"_meta": {
"section": "deal_context",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-18T09:15:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Anchor grocery lease has 8 years remaining with two 5-year options; inline WALT ~4.2 years. Power Road corridor has strong daytime population and household income growth.",
"deal_summary": "95,000 SF grocery-anchored neighborhood center in Mesa, 94% leased. Stabilized NNN acquisition at a 7.0% in-place cap with mark-to-market upside on inline rollover.",
"investment_thesis": "Daily-needs retail anchored by a credit grocer at $194/SF. In-place inline rents are ~8% below market; staggered rollover lets us capture that without a heavy capital event.",
"value_creation_strategy": "Backfill the single 5,700 SF vacant inline suite within 9 months at $28/SF NNN, roll expiring inline shops to market, and hold for stable distributions.",
"hold_strategy": "core_plus_hold",
"exit_strategy_description": "Sell or refinance at year 7-10 once inline rents are marked to market and the anchor exercises its first option.",
"deal_goal": "13-14% levered IRR with a 5%+ year-1 cash-on-cash from durable NNN income."
}Property
json
{
"_meta": {
"section": "property",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-18T09:30:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"gross_leasable_area": 95000,
"year_built": 2005,
"year_renovated": 2019,
"building_class": "B",
"buildings": 4,
"parking_spaces": 475,
"parking_ratio_per_1000_sf": 5,
"occupancy_pct": 0.94,
"anchor_tenant": "Sonoran Fresh Market",
"submarket": "Southeast Mesa / Power Road Corridor"
}Rent Roll
Retail tenant variant — the spec's rent_roll section accepts a tenants array (see Part IV §4) for office, retail, and industrial. Grocery anchor on NNN with percentage-rent overage; inline shops on NNN.
json
{
"_meta": {
"section": "rent_roll",
"provenance": {
"source": "manual",
"resolution": "user_input",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-18T10:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "One vacant 5,700 SF inline suite (former bank, second-generation restaurant-ready). Anchor reports $620/SF sales; percentage-rent breakpoint not yet crossed.",
"as_of_date": "2026-05-01",
"total_gla": 95000,
"occupied_gla": 89300,
"vacant_gla": 5700,
"occupancy_pct": 0.94,
"weighted_avg_rent_psf": 18.14,
"tenants": [
{
"tenant_id": "T-ANC",
"tenant_name": "Sonoran Fresh Market",
"suite": "Anchor",
"leased_sf": 45000,
"annual_base_rent": 517500,
"rent_psf": 11.5,
"lease_start": "2018-06-01",
"lease_expiration": "2034-05-31",
"lease_type": "NNN",
"percentage_rent": true,
"tenant_credit": "national_credit",
"anchor_tenant": true
},
{
"tenant_id": "T-001",
"tenant_name": "Desert Pharmacy & Wellness",
"suite": "A-1",
"leased_sf": 12000,
"annual_base_rent": 288000,
"rent_psf": 24,
"lease_start": "2021-03-01",
"lease_expiration": "2031-02-28",
"lease_type": "NNN",
"tenant_credit": "national_credit",
"anchor_tenant": false
},
{
"tenant_id": "T-002",
"tenant_name": "Power Road Fitness",
"suite": "A-2",
"leased_sf": 15000,
"annual_base_rent": 270000,
"rent_psf": 18,
"lease_start": "2020-09-01",
"lease_expiration": "2030-08-31",
"lease_type": "NNN",
"tenant_credit": "regional",
"anchor_tenant": false
},
{
"tenant_id": "T-003",
"tenant_name": "Agave Cantina",
"suite": "B-1",
"leased_sf": 6000,
"annual_base_rent": 192000,
"rent_psf": 32,
"lease_start": "2022-11-01",
"lease_expiration": "2032-10-31",
"lease_type": "NNN",
"tenant_credit": "private",
"anchor_tenant": false
},
{
"tenant_id": "T-004",
"tenant_name": "Polished Nail Bar",
"suite": "B-2",
"leased_sf": 2500,
"annual_base_rent": 75000,
"rent_psf": 30,
"lease_start": "2023-05-01",
"lease_expiration": "2028-04-30",
"lease_type": "NNN",
"tenant_credit": "private",
"anchor_tenant": false
},
{
"tenant_id": "T-005",
"tenant_name": "Saguaro Coffee Roasters",
"suite": "B-3",
"leased_sf": 1800,
"annual_base_rent": 68400,
"rent_psf": 38,
"lease_start": "2024-01-15",
"lease_expiration": "2031-01-14",
"lease_type": "NNN",
"tenant_credit": "private",
"anchor_tenant": false
},
{
"tenant_id": "T-006",
"tenant_name": "Sunburst Valley Credit Union",
"suite": "C-1",
"leased_sf": 3000,
"annual_base_rent": 105000,
"rent_psf": 35,
"lease_start": "2019-07-01",
"lease_expiration": "2029-06-30",
"lease_type": "NNN",
"tenant_credit": "regional",
"anchor_tenant": false
},
{
"tenant_id": "T-007",
"tenant_name": "Mesa Urgent Care",
"suite": "C-2",
"leased_sf": 4000,
"annual_base_rent": 104000,
"rent_psf": 26,
"lease_start": "2022-02-01",
"lease_expiration": "2032-01-31",
"lease_type": "NNN",
"tenant_credit": "regional",
"anchor_tenant": false
},
{
"tenant_id": "T-VAC-D1",
"tenant_name": null,
"suite": "D-1",
"leased_sf": 0,
"vacant_sf": 5700,
"annual_base_rent": 0,
"rent_psf": 0,
"lease_expiration": null,
"tenant_credit": null,
"anchor_tenant": false
}
]
}NOI Model
json
{
"_meta": {
"section": "noi_model",
"provenance": {
"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-18T12:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Year-1 underwritten. NNN structure — recoverable expenses (taxes, insurance, CAM) are largely passed through to tenants via expense_reimbursements.",
"income": {
"base_rent": 1619900,
"vacancy_credit_loss": 48900,
"expense_reimbursements": 430000,
"percentage_rent": 34000,
"other_income": 18000,
"effective_gross_income": 2053000
},
"expenses": {
"property_taxes": 268000,
"insurance": 62000,
"cam": 205000,
"utilities": 46000,
"repairs_maintenance": 72000,
"management_fee": 61590,
"general_admin": 43410,
"total_operating_expenses": 758000
},
"net_operating_income": 1295000,
"noi_per_sf": 13.63
}Debt Structure
json
{
"_meta": {
"section": "debt_structure",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-18T13:30:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "Fixed-rate permanent debt sized to a 1.45x DSCR / 11.3% debt yield. Conservative 62% LTV reflects lender caution on retail despite the credit anchor.",
"loan_type": "permanent",
"lender_type": "cmbs",
"loan_amount": 11470000,
"ltv": 0.62,
"ltc": 0.594,
"interest_rate_type": "fixed",
"all_in_rate_at_close": 0.0675,
"term_months": 120,
"amortization_months": 360,
"amortization": "30yr_amortizing",
"io_months": 0,
"annual_debt_service": 892710,
"underwritten_noi": 1295000,
"dscr": 1.451,
"debt_yield": 0.1129,
"recourse": "non_recourse_with_carve_outs",
"prepayment": "defeasance"
}Sources & Uses
json
{
"_meta": {
"section": "sources_uses",
"provenance": {
"source": "system/calculations.ts",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-18T13:35:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"_notes": "equity_metrics.equity_total equals the stated sources.sponsor_equity (7,842,500): it is the only non-debt source, so this is an identity of stated fields, not an inferred allocation or cash flow.",
"equity_metrics": {
"equity_total": 7842500
},
"sources": {
"loan_amount": 11470000,
"sponsor_equity": 7842500,
"total": 19312500
},
"uses": {
"purchase_price": 18500000,
"closing_costs": 462500,
"ti_lc_reserve": 350000,
"total": 19312500
},
"total_sources": 19312500,
"total_uses": 19312500
}Valuation
json
{
"_meta": {
"section": "valuation",
"provenance": {
"source": "manual",
"resolution": "user_input",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-05-18T14:30:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"purchase_price": 18500000,
"appraised_value": 18650000,
"underwritten_value": 18500000,
"going_in_cap_rate": 0.07,
"exit_cap_rate_assumption": 0.0725,
"valuation_method": "income_capitalization",
"price_per_sf": 194.74,
"stabilized_value_estimate": 19800000
}Operating Statement (T-12)
Trailing-twelve summary reconciled to the NOI model — same revenue, expense, and NOI totals; the line-item detail lives in the source statement.
json
{
"_meta": {
"section": "operating_statement",
"provenance": {
"source": "system/extractor",
"resolution": "ai_extracted",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "T-12 summary reconciled to the NOI model; line detail retained in the source statement."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"period": "t12",
"period_end": "2026-06-30",
"statement_basis": "accrual",
"income": {
"total_revenue": 2053000
},
"expenses": {
"total_operating_expenses": 758000
},
"net_operating_income": 1295000,
"reconciles_to_noi_model": true
}Preliminary Sizing
Loan sizing against the three standard constraints. The governing test is dscr; the proposed loan of $11,470,000 fits inside it.
json
{
"_meta": {
"section": "preliminary_sizing",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"sizing_basis": {
"noi_underwritten": 1295000,
"value_basis": 18500000,
"annual_debt_constant": 0.0778
},
"constraints": [
{
"test": "max_ltv",
"limit": 0.75,
"max_loan": 13875000
},
{
"test": "min_dscr",
"limit": 1.25,
"max_loan": 13311064
},
{
"test": "min_debt_yield",
"limit": 0.09,
"max_loan": 14388889
}
],
"max_supportable_loan": 13311064,
"governing_constraint": "dscr",
"proposed_loan": 11470000,
"proposed_within_constraints": true,
"cushion": 1841064
}Borrower / Sponsor
Cactus Crossing Retail Partners LLC — single-principal sponsorship; figures PFS-stated pending CPA verification.
json
{
"_meta": {
"section": "borrower_sponsor",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Figures are PFS-stated; CPA verification requested for the DD period."
},
"quality": {
"confidence": "medium",
"human_review_required": true,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"principals": [
{
"name": "Dana Whitfield",
"role": "managing_member",
"ownership_pct": 1,
"is_guarantor": true,
"is_key_man": true,
"net_worth_stated": 20646000,
"liquid_assets_stated": 1261700,
"contingent_liabilities_stated": 0,
"years_cre_experience": 15,
"pfs_received": true,
"tax_returns_received": false,
"figures_verified": false,
"verification_basis": "pfs_stated"
}
],
"entity": {
"name": "Cactus Crossing Retail Partners LLC",
"type": "llc",
"state": "AZ"
},
"financial_summary": {
"global_net_worth": 20646000,
"global_liquidity": 1261700,
"nw_to_loan_ratio": 1.8,
"nw_to_loan_policy_min": 1,
"liquidity_to_loan_ratio": 0.11,
"liquidity_to_loan_policy_min": 0.1,
"all_figures_verified": false,
"unverified_flag": true
}
}Market Analysis
Mesa / East Valley neighborhood retail fundamentals as of 2026-08.
json
{
"_meta": {
"section": "market_analysis",
"provenance": {
"source": "manual",
"actor": "analyst",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": "Broker survey and published market reports; refresh before credit committee."
},
"quality": {
"confidence": "medium",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"market": "Phoenix Metro",
"submarket": "Mesa / East Valley",
"data_as_of": "2026-08-01",
"vacancy": {
"current_rate": 0.062,
"trend": "stable"
},
"rents": {
"yoy_growth_pct": 0.022,
"trend": "flat"
},
"cap_rates": {
"range_low": 0.0675,
"range_high": 0.0725,
"subject_going_in": 0.07
},
"supply": {
"note": "Limited new unanchored retail supply; grocery-anchored pipeline concentrated in Queen Creek."
}
}Validation
Financial-validity engine run over the sections above.
json
{
"_meta": {
"section": "validation",
"provenance": {
"source": "system/financialValidityChecker",
"actor": "system",
"agent_id": null,
"agent_version": null,
"timestamp": "2026-08-26T09:00:00Z",
"notes": null
},
"quality": {
"confidence": "high",
"human_review_required": false,
"flags": [],
"partial": false,
"provisional": false
},
"lifecycle": {
"revision": 1,
"superseded": false
}
},
"overall_status": "clean",
"financial_validity": [],
"completeness": []
}