A popular indoor Hispanic shopping mall in metro Atlanta has changed hands.
Charlotte-based real estate investment firm Asana Partners acquired Plaza Fiesta, a 32-acre shopping mall off Buford Highway in Chamblee, real estate services firm CBRE confirmed recently. The mall sold for $85.6 million, according to DeKalb County’s online property records.
First reported by the Atlanta Business Chronicle, the sale is the first ownership change for the shopping center property since Dallas-based Sarofim Realty Advisors purchased it in 2006. The property and buildings were most recently appraised as worth about $47 million.
An Asana Partners representative confirmed the sale to The Atlanta Journal-Constitution but declined to share any other details.
Plaza Fiesta, which spans nearly 344,000 square feet, houses 243 tenants and acts as a community hub for the area’s Spanish-speaking population.
“We have been huge fans and patrons of Plaza Fiesta for many years and watched it thrive under thoughtful ownership and management,” Kevin Hurley, a senior vice president with CBRE Atlanta who was on the team that represented Sarofim in the recent sale, said in a news release. “We are thrilled to have found a new sponsor that will continue to be a great steward of such a special property.”
Built in 1967 as the Buford-Clairmont Mall, it has undergone multiple rebranding efforts and reconfigurations before becoming Plaza Fiesta in the early 2000s. CBRE said the mall was 95% leased at the time of the sale.
No details have been released on Asana’s plans for the property or if any changes are expected. The company’s current Atlanta portfolio includes the popular Krog Street Market food hall, the Brickworks office complex in west Midtown and the Plaza Theatre shopping plaza off Ponce de Leon Avenue.
About the Author
