Newport Beach, Calif. (August 11, 2022) – SRS Real Estate Partners’ National Net Lease Group (NNLG) announced today it has completed the $12.27 million sale of Fiesta Mercado Shopping Center, an 82,367-square-foot grocery-anchored property located at 2930 to 2980 S. 6th Avenue in Tucson, AZ.
SRS NNLG’s Chris Tramontano, Patrick Luther, and Matt Mousavi, and Sean Lieb with Levrose Commercial Real Estate represented the seller, a private investor from California. The buyer was a private investor from California who was in a 1031 exchange and was represented by the Dallas office of Matthews Real Estate Co.
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.
“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.”
“With the new addition of Archwell Health, backed by United Health Care, our leasing team added close to $3.3 million in value, and to strengthen the deal further, Food City/Bashas was acquired by Raley’s Supermarkets,” said Lieb. “With the rise on interest rates during escrow, both the buyer and seller capitalized on this strong performing asset and healthy cap rate.”
Fiesta Mercado is near Southern Arizona VA Hospital and has nearly 267,000 residents and 157,000 employees within a five-mile radius.
In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market, with more than 465 properties sold year-to-date in 2022.
About SRS Real Estate Partners
Founded in 1986, SRS Real Estate Partners is building upon its retail foundation to provide extensive commercial real estate solutions to tenants, owners, and investors. Headquartered in Dallas, with more than 25 offices in the U.S., SRS has grown into one of the industry’s most influential and respected leaders. Our commitment to excellence is strengthened by our Guarantee of Value and our success is measured in the achievement of our clients’ objectives, satisfaction, and trust. For more information, please visit srsre.com.
SRS’ Investment Properties Group (IPG) & National Net Lease Group (NNLG) is a unified platform of seasoned net lease professionals located and transacting nationally with all underwriting and marketing efforts strategically located in Southern California. In 2021, the group completed more than 899 sales across more than 49 states and has over 160 brokerage professionals nationally. From proactive sales to targeted acquisitions and tailored debt and equity solutions, SRS’ National Net Lease Group offers comprehensive services to net lease owners and investors. Superior speed-to-market, world-class marketing materials, a deep investor database and unparalleled retail submarket intelligence from the entire SRS platform allow SRS’ National Net Lease Group to deliver the best possible returns. For more information, please visit srsre.com/national-net-lease-group.
About Levrose Commercial Real Estate/TCN Worldwide
The professionals at Levrose have been working with landlords, tenants, buyers and sellers in helping with their specific requirements since 1992. As a result, Levrose Real Estate has become a market leader in commercial real estate in the greater Phoenix metro area.
In 2021 LevRose became the official Phoenix affiliate of TCN Worldwide after joining this international real estate network in 2013. Comprised of independent commercial real estate firms worldwide this organization serves over 200 markets with integrated real estate solutions. Affiliates of TCN Worldwide receive access to a plethora of global market information including transaction databases, investment listings, connections, and events that encourage further career development. Ranked one of the largest service providers in the commercial real estate industry, their platform was originally created to improve the overall performance of each firm and their brokers.