The seller, San Diego, Calif.-based Fiesta Ranch LLC, negotiated the short sale with the construction lender, Wells Fargo. The buyer, Phoenix-based Guadalupe Retail LLC, paid cash for the property, which is located at the Northeast corner of Guadalupe and McQueen Roads.
Built in 2007, The Shops at Fiesta Ranch is currently in grey-shell condition, and the new owner will complete the build out of individual tenant suites including the addition of HVAC units and electrical panels, according to Greg Abbott with De Rito Partners Inc.
Abbott, who brokered the transaction, tells GlobeSt. that the seller started construction on the center when "Phoenix was rocking". By the time the center was ready for delivery and lease up, the economy had tanked. The center has sat vacant for more than two years.
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