Andersen Fiesta Shopping Center is a 117,391 square foot, grocery anchored, multitenant shopping center comprised of anchor and junior anchor spaces, inline shop space and outparcel pad buildings.
Objective & Challenges
Andresen Fiesta was part of a three-asset collateralization that started to deteriorate in 2016. The Special Servicer engaged Kidder Mathews to provide Broker Price Opinions on all three assets and develop a strategy for each asset. Two of the three assets were put into receivership in Q2 of 2017 and Kidder Mathews was retained to execute an asset strategy for each asset in partnership with the receiver. Andersen Fiesta’s challenges included near term rollover, shop space and junior anchor vacancy, and a struggling anchor tenant.