52,950 SF Retail Strip Center Sells for $8,050,000
IRVINE, CALIF. – August 25, 2014 – (RealEstateRama) — Hanley Investment Group Real Estate Advisors, one of the most dominant retail investment groups in the United States and a market leader in the sale of retail properties, announced today that Senior Vice President Eric P. Wohl represented the seller in the sale of Mission Village, a 52,950-square-foot shopping center in Fresno, Calif., anchored by a new 24-Hour CVS/pharmacy (NAP). The purchase price was $8,050,000, representing a sale price of $152 per square foot.
Mission Village shopping center is situated on 5.2 acres at the signalized intersection of Shaw Avenue and Fresno Street at 335-393 E. Shaw Avenue, 4965 and 4987 N. Fresno Street. Built in 1979, the retail center includes a strong mix of local, regional, and national tenants. The property was 83% occupied at the time of sale.
The buyer was MCS Guardian Properties LLC of Solana Beach, Calif., a private investment company, represented by Greg Bethke of Manco Abbott, Inc. of Fresno. The seller, represented by Wohl, was a private investment company based in Newport Beach, Calif.
In 2012, Wohl sold the freestanding CVS/pharmacy located on 1.27-acre outparcel in the same shopping center for $5,240,000. Wohl had said at the time of the sale of the Mission Village CVS that it represented the lowest capitalization rate in the nation for a single-tenant CVS/pharmacy for the previous 4 years.”
According to Wohl, “Mission Village is located at one of the busiest intersections in Fresno, drawing more than 75,000 cars per day. The property benefits from close proximity to California State University at Fresno and the newly renovated Fashion Fair Mall, the largest mall in Fresno with over 950,000 square feet of retail space.”
Wohl adds, “The potential upside through raising below market rents and filling the 17% vacancy produced strong investor interest, generating over 10 qualified offers. We were able to procure an all-cash buyer who owns three other similar assets in the trade area with leasing and management already in place, which helped expedite the process.”
About Hanley Investment Group Real Estate Advisors
Built on a solid foundation of performance, integrity and dedication, Hanley Investment Group Real Estate Advisors is a boutique retail investment brokerage firm with a $4+ billion transaction track record that is comprised of innovative specialists delivering unparalleled service and superior results that consistently exceed client expectations. Hanley Investment Group’s expertise, commitment and unwavering focus of putting the client’s needs first have continued to set the company apart in the industry. Hanley Investment Group works closely with individual investors, developers, and institutional property owners in every facet of the transaction to insure that the highest value is achieved. Clients rely on Hanley Investment Group to be the most knowledgeable and trusted source for valuation services, market information and retail property acquisitions and dispositions. For more information, visit the Company’s website at www.hanleyinvestment.com or call (949) 585-7610.
