Phoenix, AZ – CBRE has completed the sale of The Shoppes at Fiesta Commons, a multi-tenant retail building, located at the northeast corner of Southern Avenue and Alma School Road in Mesa, Ariz. The 7,251-square-foot retail property is fully leased to three excellent tenants and commanded a sale price of $2.45 million.
Andrew K. Fosberg and Joseph R. Compagno with CBRE’s Phoenix office represented the seller, HH-Poca Fiesta, LLC, an entity formed by Hinkson Company, LLC (Chris Hinkson & James Neal, principals) of Phoenix, Ariz.
“The Shoppes at Fiesta Commons is an excellent example of a quality, in-fill repositioning project. The seller remodeled the long vacant building, formerly a Gateway Computer Store, and turned it into a thriving multi-tenant retail destination,” said Fosberg. “The building commanded an impressive per square foot price of $338.”
The Shoppes at Fiesta Commons was 100 percent leased to T-Mobile, America’s Best Contacts & Eyeglasses, and Stufrageous Stuffed Burgers. The property and its tenants benefit from excellent visibility and signage along Southern Avenue as well as its location in front of the recently remodeled Big Lots/Dollar Tree/Blast Fitness anchored Fiesta Commons Shopping Center.
Chris Hollenbeck of Cushman & Wakefield represented the buyer, Hazelwood Properties USA, LLC.