Strip Retail Center Near Fiesta Mall Noticed for Trustee Sale

Area Map

The 71,500 square foot Mercado Fiesta strip retail center was noticed for trustee sale Monday on a securitized $11.4 million note. This debt originated in 2005 with Morgan Stanley Mortgage Capital, with 5.15% interest and a balloon balance of $9,437,242. It was securitized later in 2005 (CMBS).

Located directly northwest of Fiesta Mall, the Mercado Fiesta Center consists of four single story buildings with tenants such as "Starbucks" and "Regency Beauty Institute". The auction is scheduled for noon on December 28th at the main entrance of the Superior Court building in Phoenix. Michelle Ghidotti Gonsalves of Beacon Default Management serves as trustee.

For more information on this property including complete history and trustor/beneficiary contacts, visit us at our website or send us an email. We're happy to hear from you!

        
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Best Buy / Dick's Sporting Goods Anchor Transacts at Fiesta Mall

Fiesta Mall Area Map

The 95,000 square foot Best Buy / Dick’s Sporting Goods anchor at Fiesta Mall in Mesa sold Wednesday for a price of $5.9 million, or $62 per square foot. Macerich previously purchased this property for $16.05 million in early 2007. The prior sale included a former anchor building which was demolished to make way for present improvements. The new owner of the property is valley investor Ernest C Garcia II, owner of Drivetime Automotive Group.

Macerich previously owned the entire Fiesta Mall shopping center but relinquished ownership in 2013 via deed in lieu of foreclosure. This transaction did not include the Best Buy / Dick’s Sporting Goods location.

For more information on this property including complete history and buyer/seller contacts, visit us at our website or send us an email. We're happy to hear from you!