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May 24, 2022
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AZ Creative Office Property Trades for Over $7 Mil

5/10/22

Fiesta Square, a multi-tenant creative-style office complex in Mesa, AZ, was acquired by Newport Beach-based Scriba Waldron Capital for $7.25 mil ($208/SF). The property consists of 35k sf of space within two two-story buildings.

Built in 1985, Fiesta Square is positioned at 1220 South Alma School Rd, at the signalized intersection of Southern Ave and Alma School Rd, providing extensive frontage and visibility along the two major arterials. The property provides quick access to the Superstition Freeway/US 60 and lies in an area densely populated with retail amenities, including several popular restaurants within walking distance.

The seller, a private individual, acquired the property in 2019 and designed and oversaw a massive renovation, transforming the project into an upscale creative-style office complex. The renovations entailed a complete reskinning of the exterior and roofs, new creative tenant improvements from gray shell, replacement of all windows and doors, as well as the installation of new mechanical systems.

Cushman & Wakefield’s Eric Wichterman and Mike Coover represented both the buyer and seller in the transaction.

“Fiesta Square provided the buyer with a best-in-class, modern creative office complex with no competitor of its nature within its entire trade area.” said Coover. “Further, the complex is situated at the hard corner of the primary intersection serving Mesa’s Fiesta District, a location expected to be significantly enhanced by the highly anticipated redevelopment of Fiesta Mall—a shuttered regional mall located directly behind the property.





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