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Fresno’s Ash Tree Sq. shopping center just east of Manner Fair Mall has been purchased by an Oakland trader. Image contributed
A Ross-anchored searching center on 1 of Fresno’s busiest intersections has been offered for $15.78 million.
Located at Shaw Avenue and To start with Road just east of Fashion Good Shopping mall, Ash Tree Square totals 80,877 sq. ft with a tenant lineup which includes Ross Gown for Considerably less, Starbucks Push-Via, Wing End, Mountain Mike’s Pizza and a “synergistic blend of national, regional and community tenants,” according to a information launch from Newport Seaside-primarily based Hanley Financial commitment Team Genuine Estate Advisors, which brokered the deal.
Hanley Expense Group’s Vice Presidents Alexander Moore and Sean Cox, along with Executive Vice President Kevin Fryman, represented the vendor, a non-public actual estate administration group primarily based in Orange County. The customer was a private investor based mostly in Oakland.
Ash Tree Sq. is located on 7.47 acres at 1029-1077 East Shaw Avenue at one particular of the maximum trafficked intersections in the region. Designed in 1972 and renovated in 2018, Ash Tree Square has experienced extra than $720,000 invested into the middle because 2016.
The five-mile trade place where Ash Tree Sq. is positioned is supported by 408,000 long-lasting citizens with additional than 170,000 whole daytime workers, according to the release.
Hanley Expenditure Group’s marketing approach centered on the infill place of the asset, the extended-term historic occupancy of the tenants, the possible to include worth by leasing up the 14% remaining emptiness in a trade region with restricted availability for high-quality junior anchor house and the skill to acquire the asset beneath alternative expense, according to the launch.
“We created a number of capable features by our intense advertising and marketing campaign and picked a Bay Place-primarily based personal trader who shut within 2% of the listing price and in just the seller’s sought after time body,” stated Moore.
Extra than 70% of the tenants at Ash Tree Sq. have occupied the residence for more than 10 a long time and the vast majority of tenants have lately extended their lease, together with Ross in 2020, demonstrating robust tenant efficiency and customer desire, in accordance to the launch.
Ash Tree Square is positioned amongst two of Fresno’s main highways: Highway 41, with more than 138,000 autos for every working day and Freeway 168, which averages 90,000 cars per day. The East Shaw Avenue and North To start with Road intersection is just one of the significant retail corridors in the town of Fresno, with over 62,000 cars and trucks for each day, according to the release.
“This sale is a wonderful indication that investor desire remains solid for top quality perfectly-found Central Valley browsing centers even with the sharp increase in curiosity fees above the very last 18 months,” claimed Moore.
The adjacent 973,000-square-foot Fashion Fair Mall characteristics Apple, Macy’s, Macy’s Backstage, H&M, Endlessly 21, American Eagle, Sephora, Victoria’s Mystery, Five Underneath, ULTA Elegance, and cafe operators these types of as Chick-fil-A, Fleming’s Key Steakhouse, The Cheesecake Factory, BJ’s Restaurant & Brewhouse, and Slater’s 50/50. Awarded an “A” rating by business authentic estate investigate business Eco-friendly Avenue, Style Honest Mall is the only tremendous-regional mall within just 90 miles and has far more than seven million once-a-year guests.
