CBRE Group, Inc., completed the sale of Fiesta Mall, the once premier Mesa shopping center built in 1979, located at Alma School Road and Southern Avenue in Mesa, Ariz.
Glenn Smigiel, Bob Young, Steve Brabant and Rick Abraham with CBRE’s Phoenix office and George Good with CBRE’s Chicago office represented the seller. The buyer was HV & Canal, LLC. The sale occurred via Ten-X, an online commercial and residential real estate marketplace.
The sale includes only the enclosed mall, surrounding parking areas and three nearby leased retail pads, totaling 318,495 square feet. The property is currently less than 10 percent occupied.
Originally developed by the Homart Development Company, Fiesta Mall was previously anchored by four department stores. A Dillard’s clearance center and Sears remain as the mall’s only major tenants but were not part of the current sale.
“For decades, Fiesta Mall stood at the center of the East Valley’s commercial hub,” said CBRE’s Smigiel. “This storied property now offers prime, long-term redevelopment potential.”
Located in Mesa’s Fiesta District with immediate access to the U.S. 60 freeway, the area surrounding the mall has seen a surge in activity since the City of Mesa rebranded the district and made enhancements to the streetscape and landscape.