NEW YORK—Spectrum Group Management L.L.C., based in New York, has acquired a $19.2 million discounted mortgage secured by a first mortgage of an 111,000-sq.-ft. retail center in Fountain Hills, Ariz.

"This purchase is our latest in a string of successful off-market transactions,” said Peter Locke, a principal at Spectrum. “Investment opportunities such as non-performing loans and recapitalizations in the middle market real estate space will continue to provide an investment pipeline over the next two to three years."

Currently, the Fountain Hills center is more than 90 percent occupied. Located approximately 20 miles northeast of Phoenix, the Class A property was built in 1987.