Deal could come soon for Fiesta Mall - East Valley Tribune: Business

Deal could come soon for Fiesta Mall

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Posted: Thursday, September 30, 2004 11:45 pm | Updated: 4:28 pm, Thu Oct 6, 2011.

Negotiators could announce a deal as soon as today for Fiesta Mall in Mesa.

Fiesta Mall, which is owned by L&B Fiesta Mall, a private partnership, has been on the block since May.

John Gerdes, vice president of asset management for L&B Realty Advisors, which oversees the shopping center, said Thursday that a sale is close, possibly just days or, at most, weeks away, but he wouldn’t reveal the name of the potential buyer.

Since Fiesta Mall is privately owned, it doesn’t have to reveal the asking price, and Gerdes won’t talk figures. Once the only major mall in the East Valley, for the last decade Fiesta has weathered blows and bounced back stronger each time, Gerdes said.

“They built Superstition Springs Center (in east Mesa) and sales dropped, then sales came back,” Gerdes said in May.

“Then they built Arizona Mills, and sales dropped. When they came back, Fiesta Mall had the second-highest sales per square foot among Valley malls, after Scottsdale Fashion Square. Then they built Chandler Fashion Center and we got hit again. But it’s coming back.”

With the exception of Arizona Mills mall in Tempe, an enclosed outlet center, Fiesta is the only East Valley regional mall not owned by Westcor, a division of national shopping center giant Macerich Co. Macerich’s Westcor division runs Superstition Springs, Chandler Fashion Center, Scottsdale Fashion Square and Paradise Valley Mall. Westcor also is planning to build San Tan Village, which includes a regional mall and several open-air shopping centers, in Gilbert within three years.

Westcor vice president David Scholl said he did not know of an impending purchase of Fiesta Mall.

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