Fiesta Mall in Mesa, once a giant in the southeast Valley shopping scene, has been sold to a duo of developers who plan to transform the withering mall into a campus focused on health and education.
The sale price was $6.72 million.
New owners Dimension Financial & Realty Investments Inc., spearheaded by Jerry Tokoph and Wayne Howard, intend to spend as much as $30 million on the makeover.
The company paid cash for the 380,000-square-foot mall. The seller was LNR Properties LLC, a Florida-based firm that took over the property in 2013 from mall operator Macerich, which bought it in 2004.
“We want to re-create the space into a campus environment primarily for community colleges and for-profit schools,” said Ray Cashen of Cashen Realty Advisors.
courtesy of azcentral.com