Colliers International in Greater Phoenix recently sold the 40,952-square-foot Ocotillo Fiesta Shopping Center in Chandler, Ariz., involving a trade of properties.
Ocotillo Fiesta LLC, of Scottsdale purchased the shopping center, located at the southeast corner of Alma School Road and Queen Creek Road, from Southgate Mall Associates LLC of Missoula, Mont.
Mindy Korth, executive vice president, and Kirk Kuller, vice president, both of Colliers International, represented Southgate Mall Associates.
Ocotillo Fiesta, shadow-anchored by Albertsons, was constructed in 1998 on 4.7 acres and has maintained a consistently high occupancy rate during its 16-year history. The shopping center was 97 percent occupied at the time of sale.
Ocotillo Fiesta tenants, including many of the original businesses at the center, offer a variety of goods, services and restaurants.
“Alma School and Queen Creek is a key retail destination in southwest Chandler, as all corners of this intersection are dominated by retail developments,” said Korth, who worked with Southgate Mall Associates in 1998 when it originally purchased Ocotillo Fiesta.
As part of the exchange, Southgate Mall Associates concurrently purchased a retail center and motel adjacent to a parcel already owned by Southgate in Missoula.
“The transaction had a high ‘fun factor’ in it, as a concurrent exchange between the same buyers and sellers is a rare occurrence and I’m excited to have been involved,” Korth said, adding, “Some might consider this a ‘bucket list’ transaction.”