Southside Tucson Mercado Sells for $12.27 Million

An undisclosed California-based 1031 exchange investor paid $12.27 million for the Fiesta Mercado Shopping Center. The sales price of the property, at 2930 S. 6th Avenue, comes out to $149 a square foot. The buyer and sellers name were not disclosed.

Built in 2000, the property is 94% occupied by a number of tenants including Food City, Rent-A-Center and Wing Stop, among others. SRS NNLG’s Chris Tramontana represented the buyer, “This grocery-anchored retail center offered the buyer a stabilized investment that is in a prime location near the I-10 freeway. Additionally, the property has upside through lease-up of existing vacancy and potential for the development of an additional, highly visible pad site.”