Tucson Real Estate: South Tucson Food City plaza sold to investors
- Updated
Fiesta Mercado, anchored by Food City in South Tucson, fetched $7.75 million.
Fiesta Mercado in South Tucson has been sold for $7.75 million.
Anchored by Food City, theΒ shopping plazaβs tenants include Rent-A-Center, Kool Smiles, Wingstop and Little Caesars.
Records from the Pima County Recorderβs Office show the sale was to a group of LLCs.
It has more than 82,000 square feet on 8-plus acres.
Located on the corner of South Sixth Avenue and West 40th Street, more than 100,000 vehicles pass by the plaza daily.
Ganesh Janyavula, vice president of Oakmead Village LLC, one of the new owners, said the property was brought to their attention by Phoenix Commercial Advisors, who represented both parties in the sale.
βA mix of ethnic nature, size of the center, tenant mix (and) commercial elements attracted us to this center,β Janyavula said. βThe center has a current occupancy of 82 percent, which gives us an opportunity to add businesses / tenants.
βEven before we purchased, we got some ideas about how we can improve the environment of the center β¦ that would enhance the experience of the customers.β
City Manager Sixto Molina said the new owners are ahead of the pack of interested South Tucson investors.
A recent meeting with investors and builders generated a lot of interest in developing projects in South Tucson, given its proximity to Interstate 10 and to downtown Tucson.
βItβs time to change the image we had,β Molina said. βWeβre definitely open for business.β
EQ Scott and Congress LLC bought a 27,000-square-foot building and 12,072 square feet of land atΒ 63 E. Congress St.Β for $2.2 million. Rick Borane and Dave Hammack, of Volk Co., represented the buyer, and Roy Drachman, of Roy Drachman Realty, represented the seller, Sixty-Three Building LLC.
Tincup Properties LLC bought a 7,808-square-foot office building atΒ 100-126 W. 37th St.Β from the Tucson Urban League for $500,000. Ron Zimmerman, with Picor, represented the seller.
William and Susan Daugherty bought a 1,900-square-foot office building atΒ 7479 E. Tanque Verde RoadΒ from Albatross Enterprise LLC for $475,000. The building is leased to Title Security Agency of Arizona. Stephen D. Cohen and Russell W. Hall, with Picor, represented the seller. Tony Reed and Chris Itule, with Long Realty Co., represented the buyer.
Esquera Development LLC bought a 2,400-square-foot office building atΒ 810 E. Fort Lowell RoadΒ from Jimmy Dale Pyland for $315,000. Brandon Rodgers, with Picor, represented the seller. Picorβs Rob Glaser and Joshua Brown, with Jackson & Cooksey, represented the buyer.
Nickβs Enterprises LLC, doing business as Nickβs Sari-Sari Store, a Filipino grocery store and restaurant, bought the 3,000-square-foot building and 23,868 square feet of land atΒ 2001 S. Craycroft RoadΒ from Craycroft Properties LLC. for $280,000. Frank Arrotta, of Tucson Realty & Trust Co., represented both parties.
Concord General Contracting leased 4,048 square feet of office space atΒ 5828 N. Oracle Road. Jeff Casper, of CBRE, represented the tenant, and Mark Irvin, of Mark Irvin Commercial Real Estate Services, represented the landlord, Dr. Shara Pahdi.
Paleteria Y Neveria La Michoacana LLC leased 1,010 square feet atΒ 3774 S. Sixth Ave.Β for an ice cream shop. Jeramy Price, of Volk Co., represented the landlord, Ajo 6 LLC.
Fiesta Mercado in South Tucson has been sold for $7.75 million.
Anchored by Food City, theΒ shopping plazaβs tenants include Rent-A-Center, Kool Smiles, Wingstop and Little Caesars.
Records from the Pima County Recorderβs Office show the sale was to a group of LLCs.
It has more than 82,000 square feet on 8-plus acres.
Located on the corner of South Sixth Avenue and West 40th Street, more than 100,000 vehicles pass by the plaza daily.
Ganesh Janyavula, vice president of Oakmead Village LLC, one of the new owners, said the property was brought to their attention by Phoenix Commercial Advisors, who represented both parties in the sale.
βA mix of ethnic nature, size of the center, tenant mix (and) commercial elements attracted us to this center,β Janyavula said. βThe center has a current occupancy of 82 percent, which gives us an opportunity to add businesses / tenants.
βEven before we purchased, we got some ideas about how we can improve the environment of the center β¦ that would enhance the experience of the customers.β
City Manager Sixto Molina said the new owners are ahead of the pack of interested South Tucson investors.
A recent meeting with investors and builders generated a lot of interest in developing projects in South Tucson, given its proximity to Interstate 10 and to downtown Tucson.
βItβs time to change the image we had,β Molina said. βWeβre definitely open for business.β
EQ Scott and Congress LLC bought a 27,000-square-foot building and 12,072 square feet of land atΒ 63 E. Congress St.Β for $2.2 million. Rick Borane and Dave Hammack, of Volk Co., represented the buyer, and Roy Drachman, of Roy Drachman Realty, represented the seller, Sixty-Three Building LLC.
Tincup Properties LLC bought a 7,808-square-foot office building atΒ 100-126 W. 37th St.Β from the Tucson Urban League for $500,000. Ron Zimmerman, with Picor, represented the seller.
William and Susan Daugherty bought a 1,900-square-foot office building atΒ 7479 E. Tanque Verde RoadΒ from Albatross Enterprise LLC for $475,000. The building is leased to Title Security Agency of Arizona. Stephen D. Cohen and Russell W. Hall, with Picor, represented the seller. Tony Reed and Chris Itule, with Long Realty Co., represented the buyer.
Esquera Development LLC bought a 2,400-square-foot office building atΒ 810 E. Fort Lowell RoadΒ from Jimmy Dale Pyland for $315,000. Brandon Rodgers, with Picor, represented the seller. Picorβs Rob Glaser and Joshua Brown, with Jackson & Cooksey, represented the buyer.
Nickβs Enterprises LLC, doing business as Nickβs Sari-Sari Store, a Filipino grocery store and restaurant, bought the 3,000-square-foot building and 23,868 square feet of land atΒ 2001 S. Craycroft RoadΒ from Craycroft Properties LLC. for $280,000. Frank Arrotta, of Tucson Realty & Trust Co., represented both parties.
Concord General Contracting leased 4,048 square feet of office space atΒ 5828 N. Oracle Road. Jeff Casper, of CBRE, represented the tenant, and Mark Irvin, of Mark Irvin Commercial Real Estate Services, represented the landlord, Dr. Shara Pahdi.
Paleteria Y Neveria La Michoacana LLC leased 1,010 square feet atΒ 3774 S. Sixth Ave.Β for an ice cream shop. Jeramy Price, of Volk Co., represented the landlord, Ajo 6 LLC.
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