Los Angeles-based Flying Horse Investments LLC, a retail-focused real estate investment firm, has completed its acquisition of Fiesta Palms Shopping Center, a 53,630-square-foot specialty grocery-anchored shopping center in the Greater Phoenix metro area.
According to the company, Fiesta Palms Shopping Center has a 17% vacancy rate and below-market rents. The company added it planned to increase the property’s leasing velocity and improve the property’s overall performance.
The financial aspects of the purchase were not disclosed, with the company acquiring the property in an off-market transaction with a local family that owned the property for over 30 years. Acquisition financing was facilitated by Justin Weissman of 1st Century Bank, a division of MidFirst Bank, and Flying Horse Investments plans to collaborate with Pegasus Capital Markets in early 2025 to secure permanent financing for the property.
This is the company’s second acquisition for 2024, which included Oakland Park Plaza in Fort Lauderdale, Florida.
“This property represents a slight deviation from our typical acquisition, which usually involves a substantial renovation and capital improvement plan. Fiesta Palms has been well-maintained by previous ownership and has no major capital improvement needs at this time,” said Joe Spicer, managing principal and director of investments at Flying Horse Investments. “What is consistent with our previous acquisitions is the quality of the property’s location situated within one of the nation’s premier growth markets.”
Photo courtesy of Commercial Search
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