NewQuest Closes on First AZ Buy; Nabs 117K-SF Anderson Fiesta

Article originally posted on HERE on October 9, 2019

Anderson Fiesta Shopping Center, Chandler, AZ

Houston-based NewQuest Properties closed on its first wholly-owned asset in Arizona, purchasing the 117,391-square-foot Anderson Fiesta Shopping Center in Chandler, AZ. The buyer shook hands with seller LNR Partners, after the 35%-leased property was pulled from the auction block. The new owner will invest nearly $10 million into redeveloping the center, which has been renamed Chandler Ranch Shopping Center.

NewQuest is planning to mirror its successful Asian-influenced developments in North Texas with the retail center at 1760 W. Chandler Blvd. “We’d been watching this listing for several months,” said NewQuest’s Heather Nguyen. “We’re entering new markets with this concept and definitely expanding our horizon here.”

Upgrades to the 14.5-acre property will include reconfiguring 72,681 square feet of inline space, adding restaurant infrastructure, new storefronts, lighting, landscaping and parking-lot improvements. NewQuest will renovate the 44,450-square-foot anchor space. Formerly housing Basha’s grocery, a new tenant, 99 Ranch Market, will occupy the space.