Newport Beach-based SRS Real Estate Partners’ National Net Lease Group (NNLG) has represented the seller in the $12 million sale of Fiesta Mercado Shopping Center, an 82,000-square-foot grocery-anchored property in Tucson, AZ. The buyer, represented by the Dallas office of Matthews Real Estate, is a California private investor.
“This retail center offered the buyer a stabilized investment that is in a prime location and just 10 minutes from University of Arizona,” said SRS NNLG’s Chris Tramontano. “Additionally, the property has upside through lease-up of existing vacancy and potential for the development of an additional, highly visible pad site.” SRS NNLG’s Patrick Luther and Matt Mousavi as well as Levrose Commercial Real Estate’s Sean Lieb also represented the seller in the deal.
Fiesta Mercado is 94% occupied by a number of tenants including Food City and Wing Stop and has nearly 267,000 Tucson residents within a five-mile radius.