Search
 

Vacant Shopping Center Trades for $1M

GILBERT, AZ-The Shops at Fiesta Ranch has sold for $1.1 million, or $66 per foot, in one of the Valley's first short sales during this current downcycle.

By Jennifer Duell Popovec | Updated on April 19, 2010

GILBERT, AZ-The Shops at Fiesta Ranch, a 16,718-square-foot, vacant retail property, has sold for $1.1 million, or $66 per square foot, in one of the Valley’s first short sales during this current downcycle.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.