Fiesta Palms II Shopping Center 2111 S Alma School Rd 28,383 SF 91% Leased Retail Building Mesa, AZ 85210 $8,162,001 CAD ($287.57 CAD/SF) 7.11% Cap Rate

Fiesta Palms II is a 91% occupied shopping center in Mesa, AZ, combining stable in-place cash flow with multiple levers for growth. The property benefits from long-term tenants, strong traffic counts, an affluent and expanding consumer base, recent capital upgrades, and close proximity to the $1B Fiesta Mall redevelopment—positioning it for immediate rental upside, mid-term NOI growth, and long-term appreciation. Tenant leases are NNN with annual escalations and fair market value options that create a clear path for mark-to-market rent growth.
Strategically located near US-60 at Alma School & Baseline (±52,000 VPD) with ±36,550 VPD along its frontage, Fiesta Palms II sits adjacent to the affluent Dobson Ranch community. Within 3 miles, 1,800 apartment units have recently been delivered, 2,500 units are under construction, and the Fiesta Mall redevelopment is slated to add ±4,000 more housing units—further strengthening long-term retail demand.
With scheduled rental increases thru SEP 2026, the NOI increases to $424,075 and the CAP rate rises to 6.79%
LEASING THE REMAINING 2,502 SF VACANT SUITE @ $16/SF RAISES THE CAP RATE TO 7.43%.
Seller has an assumable note – $1.85M @ 5.25% maturing NOV 2028
LOCATION DESCRIPTION:
Fiesta Palms II is a well-positioned retail asset within the established Fiesta Palms Shopping Center, benefitting from four points of ingress, strong tenant synergy, and a high-traffic location along Alma School Road. The property sits just south of the signalized intersection at Baseline Road, which sees ±52,000 vehicles per day, with an additional ±36,550 VPD along its frontage. US-60 is less than one mile away with ±262,400 VPD.
The surrounding trade area is experiencing significant growth. Population density and household formations continue to rise as 2,519 new apartment units are under construction and 1,822 units have been delivered within 3 miles since the start of 2024. Within 5 miles there are 438,000 residents with an average household income of $97,321. Within 1 mile, household incomes average $102,000 and home values average $430,000.
The 80-acre Fiesta Mall redevelopment is less than one mile north of the property. Planned to deliver 1.85M SF of commercial space and 4,000 residential units, this ±$1B project is expected to become a transformative growth driver for the area for years to come.