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8/12/22
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A CA-based 1031 exchange investor paid $12.27 mil for Fiesta Mercado Shopping Center, an 82.4k sf ($149/sf), grocery-anchored property in Tucson, AZ. The property is located at 2930 to 2980 S. 6th Ave, just east of the confluence of I-19 and I-10.
Built in 2000 and situated on 8.83 acres, the property is 94% occupied by a number of tenants including Food City, Rent-A-Center, and Wing Stop, among others. Fiesta Mercado is near Southern Arizona VA Hospital and has nearly 267,000 residents and 157,000 employees within a five-mile radius.
SRS NNLG’s Chris Tramontano, Patrick Luther, and Matt Mousavi, along with Sean Lieb with Levrose Commercial Real Estate, represented the seller, a private investor from California. The buyer was repped by the Dallas office of Matthews Real Estate Co.
“This grocery-anchored retail center offered the buyer a stabilized investment that is in a prime location near the I-10 freeway and just ten minutes from University of Arizona,” said Tramontano. “Additionally, the property has upside through lease-up of existing vacancy and potential for the development of an additional, highly visible pad site.”
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