In the market for an open-air shopping center? Look no further, as Sonoma’s Fiesta Shopping Center at 18615 Sonoma Highway is for sale for $8.9 million.
The sale price includes the 3.6-acre parcel and all 45,585-square-feet of rentable buildings, plus 188 parking spaces, that are part of the lot.
The listing was made active in early June, and the brokers are Jerry Suyderhoud of Newmark, Cornish and Carey, and Jerry Angel of Parkway Properties, both of San Rafael. According to the listing, the agents also have a small ownership in the property.
The listing also details that the current owners have an outstanding debt on the property of just over $4.8 million, and the property has a net operating income of $534,585.
The property draws annual rents of more than $700,000 and pays property taxes of $120,000.
Current tenants of the shopping center include Sonoma Cinemas, Valley of the Moon Cleaners, SAI Dental, Dollar Tree, Chapala Market, Order Express, C.C. Salon, WestAmerica Bank, Taqeria Sonoma, Olde Sonoma Pub and two vacant storefronts of 2,500 and 1,300 square feet.
The center was originally constructed in the 1960s with remodels in the 1990s and 2000s.
Richard Upjohn has owned the property for 15 years, according to Suyderhoud.
Upjohn recently successfully completed a series of negotiations with Cinema West owner David Corkill that resulted in the extension of the Sonoma Cinema 9 lease for another 10 years.
According to the Alcohol Beverage Commission, Cinema West has an application in process for a permit to serve beer and wine in addition to food at the Sonoma Cinema 9 location.
Suyderhoud said that there was been substantial interest in the property and he is currently in active talks with one specific potential buyer.
Email Lorna at lorna.sheridan@sonomanews.com.
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