Fresno Retail Property Sells for $8 Mil

Solana Beach-based MCS Guardian Properties LLC acquired Mission Village, a 53k sf shopping center in Fresno for $8.05 mil ($152/sf). The center is anchored by a new 24-Hour CVS/pharmacy (NAP).

Mission Village shopping center is situated on 5.2 acres at the signalized intersection of Shaw Ave and Fresno St, at 335-393 E. Shaw Ave, 4965 and 4987 N. Fresno St. 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, a private investment company, was represented by Greg Bethke of Manco Abbott Inc, of Fresno. Senior Vice President Eric P. Wohl of Hanley Investment Group Real Estate Advisors represented the seller, a private investment company based in Newport Beach.

In 2012, Wohl sold the freestanding CVS/pharmacy located on a 1.27-acre outparcel in the same shopping center for $5.24 mil. 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 four 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 950k sf of retail space.”

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