MESA — Cushman & Wakefield announced the firm has brokered the sale of Fiesta Square, a multi-tenant creative-style office complex in Mesa.
Comprising a pair of two-story buildings, the complex totals 34,974 square feet and is fully leased. Scriba Waldron Capital of Newport Beach, California acquired the property for $7.25 million.
Cushman & Wakefield’s Eric Wichterman and Mike Coover represented both the buyer and seller in the transaction.
The seller, a private individual, acquired the property in 2019 and designed and oversaw a massive renovation, transforming the project into an upscale creative-style office complex. The renovations entailed a complete reskinning of the exterior and roofs, new creative tenant improvements from gray shell, replacement of all windows and doors, as well as the installation of new mechanical systems.
“Fiesta Square provided the buyer with a best-in-class, modern creative office complex with no competitor of its nature within its entire trade area.” said Mike Coover, managing director.
“Further, the complex is situated at the hard corner of the primary intersection serving Mesa’s Fiesta District, a location expected to be significantly enhanced by the highly anticipated redevelopment of Fiesta Mall — a shuttered regional mall located directly behind the property.”
Eric Wichterman, vice chairman, added “The renovation was completed prior to the onset of significant inflation and could not be replicated at anywhere near the same cost. We expect this to limit competition, thereby securing high future occupancy and enable significant rent growth.”
Built in 1985, Fiesta Square is positioned at 1220 South Alma School Road at the signalized intersection of Southern Ave. and Alma School Road, providing extensive frontage and visibility along the two major arterials.
The property provides quick access to the Superstition Freeway/US 60 and lies in an area densely populated with retail amenities, including several restaurants within walking distance.
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