19 May 2017

Let's Make-A-Deal: Dead Fiesta Mall Real Estate Make-Over

Not exactly that many details about who the players are in a $6.72-million dollar deal cash purchase of the gigantic 380,000-square-foot mall, but according to what's written by the Arizona Republic newby tag-team of reporters Jessica Boehm and Catherine Roeger just before midnight yesterday, the struggling on-life-support nearly dead mall is about to get new life thanks to an infusion of another $30 million bucks by the new owners.
Briefly mentioned in the article is what plans another now-so-new owner has in mind or what the City of Mesa's Office for Economic Development has in mind to enact GPLET tax incentives for developers that cannot go into effect until one year after and if and when those tax give-aways might get approved.
Mesa Economic Development Director Bill Jabjiniak said Fiesta Mall is major part of the city's redevelopment efforts in west Mesa, and he said it's critical that the new owners and the existing tenants in the area share a vision.
"There has to be more discussion and more information provided on their vision. l would like to see the whole comprehensive plan presented," Jabjiniak said
Who's to say it's 'a good buy' ???
Investors with cash are sinking it into raising hopes for capital havens in lower-risk locations at low-bottom prices - there's a clincher though brought up by man-of-action behind-the-scenes Bill Jabjiniak, the head of Mesa's OED that he calls "sharing the vision", while cheerleader-on-the-sidelines Mesa Mayor John says as usual "He is excited . . . "  
Developer buys Mesa's Fiesta Mall, plans makeover into health, education campus
11:17 p.m. MT 18 May 2017
"Buyers plan to invest $30 million in nearly vacant mall after purchasing it for $6.72 million. 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 . . ."
HOW MIGHT THAT WORK?
Identified in the article as the principals and players in the deal are:
1. New owners Dimension Financial & Realty Investments Inc., spearheaded by Jerry Tokoph and Wayne Howard
2. 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.
3. The appropriately named Cashen Realty Advisors brokered the deal for Dimension Financial and will be marketing the project.
"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.
Areas will be designed for medical learning centers and colleges, he said.
Housing, eating and entertainment venues also are planned.
Complications maybe: Multiple ownership
This sale includes the majority of the interior portion of Fiesta Mall but does not include the Sears, Dillard's, the former Macy's and recently closed Best Buy/Dick's Sporting Goods buildings.
Developer Scott Jackson owns the Macy's and Best Buy/Dick's buildings.
Sears and Dillard's clearance center are owned by those retailers.
Jackson, who is redeveloping his buildings as office or mixed-use space, said he was not yet aware of the new mall owner's plans or how his ventures will fit into them.

Video Tour link >> https://www.youtube.com/watch?v=ki1FfHMAONM

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