Fiesta Mercado in South Tucson has been sold for $7.75 million.
Anchored by Food City, the shopping plaza’s tenants include Rent-A-Center, Kool Smiles, Wingstop and Little Caesars.
Records from the Pima County Recorder’s 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.
“A mix of ethnic nature, size of the center, tenant mix (and) commercial elements attracted us to this center,” Janyavula said. “The center has a current occupancy of 82 percent, which gives us an opportunity to add businesses / tenants.
“Even before we purchased, we got some ideas about how we can improve the environment of the center … that would enhance the experience of the customers.”
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.
“It’s time to change the image we had,” Molina said. “We’re definitely open for business.”