Arcadia Fiesta, Fully Backed by National Tenants, Sells for $41M

Arcadia Fiesta, a 154,436-square-foot retail shopping center in Phoenix, recently sold for $41.65 million. The buyer was an entity formed by Edmonton, Alberta-based Allard Developments Inc., according to Cushman & Wakefield.

The seller was an entity formed by a joint venture between Arizona-based DeRito Partners and Van Tuyl Companies. Michael Hackett and Ryan Schubert with Cushman & Wakefield in Phoenix represented the seller in the transaction.

Anchored by one of the nation’s largest discount retailers, the fully leased retail center comprises approximately 96 percent national tenants. Arcadia Fiesta is an in-fill retail asset that sits at the intersection of the Biltmore and Arcadia neighborhoods at the southwest corner of 32nd Street and Indian School Road. It benefits from surrounding demographics and traffic on both Indian School Road and 32nd Street.