SRS Real Estate Partners’ National Net Lease Group (NNLG) announced on Aug. 11 it has completed the $12.27 million sale of Fiesta Mercado Shopping Center, an 82,367-square-foot grocery-anchored property located at 2930 to 2980 S. 6th Avenue in Tucson, Arizona.
SRS NNLG’s Chris Tramontano, Patrick Luther, and Matt Mousavi, and Sean Lieb with Levrose Commercial Real Estate represented the seller, a private investor from California. The buyer was a private investor from California who was in a 1031 exchange and was represented by the Dallas office of Matthews Real Estate Co.
Built in 2000 and situated on 8.83 acres, the property is 94% occupied by a number of tenants including Food City, Rent-A-Center, and Wing Stop, among others.
“This grocery-anchored retail center offered the buyer a stabilized investment that is in a prime location near the I-10 freeway and just ten minutes from University of Arizona,” said Tramontano. “Additionally, the property has upside through lease-up of existing vacancy and potential for the development of an additional, highly visible pad site.”
Fiesta Mercado is near Southern Arizona VA Hospital and has nearly 267,000 residents and 157,000 employees within a five-mile radius.
In 2021, SRS’ Investment Properties Group (IPG) and National Net Lease Group (NNLG) completed more than $3.1 billion in deal volume comprised of 899 transactions in 49 states, and currently has more than $2 billion in property on the market, with more than 465 properties sold year-to-date in 2022.