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Mesa's Fiesta Mall Up for Grabs, Could Fetch $120 Mil

MESA, AZ-The one million-sf Fiesta Mall is up for sale by an institutional owner looking to diversify into other industries, says a mall rep. Market averages could bring $120 million for the 95% occupied center.

By D.J. Burrough | Updated on July 31, 2001

MESA, AZ-Fiesta Mall, one of the Valley’s most established centers in the East Valley, is up for sale and predictions are it will fetch at least $120 million.

The unidentified institutional owner wants to shift its investment into other industries, says the mall’s marketing director. The one million-sf mall, which is at the northwest corner of Alma School Road and Superstition Freeway, is anchored by Dillard’s, Macy’s, Robinsons-May and Sears.

Based on market averages for retail space, Fiesta Mall should sell for at least $120 million. While this isn’t the peak of the market, it’s not the worst time to shop the mall, says Greg Abbott, a senior associate in the Phoenix office of CB Richard Ellis. “It’s an okay time to sell,” he tells GlobeSt.com. “We’ve rebounded well from the space that came available in the fourth and first quarters. The investors probably have a hold strategy and they have come to that time when it’s come time to move on to something else.”

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