Retail Sales of $16M Close With Upside

The Fresno property was the 60,604-sf Mission Village at 335-393 and 395-396 E. Shaw Ave., which sold for $11.4 million at a 6.1% cap rate. According to Eric P. Wohl of Hanley, who represented the buyer, the new owner has "an outstanding opportunity to immediately raise rents and increase the overall value of the property," which is situated across the street from the Fashion Fair Mall.

Built in 1976, Mission Village sits on 5.2 acres at the southwest corner of Shaw Avenue and Fresno Street and was 95% occupied at the time of sale. Its 25 occupants include national, regional and local tenants.

Wohl points out that traffic counts at the Mission Village location exceed 80,000 cars per day. The pad locations within the center have the most significant opportunity to increase value, he says, with the buyer expecting to "attract interest from national credit tenants at rents significantly higher than the property has generated historically."

The Mission Village buyer was a private investor from Newport Beach. The seller was Mission Village, a limited partnership from San Luis Obispo that was represented by Mark Saito of Commercial Retail Associates in Fresno.

The two separate portions of the Blythe Towne Center in Riverside County sold for a total of nearly $4.9 million in deals brokered by Wohl. One was a 16,100-sf portion at 824-836, 862-868 and 874,878 E. Hobsonway at the intersection of East Hobsonway and South Seventh Street that sold for nearly $3.2 million at a 6.6% cap rate.

The retail space is situated within a center anchored by Albertsons and Rite Aid and is occupied by five tenants, including Blockbuster Video. The three buildings purchased, built in 1991, were 100% occupied at the time of sale. The seller was a Newport Beach-based private investor.

The other part of the Blythe center was a 6,000-sf portion at 812 E. Hobsonway that sold for $1.7 million at a 6.9% cap rate and is occupied by two tenants, AutoZone and Blimpies. The property, also built in 1991, was 100% occupied at the time of sale by a private investor based in Laguna Niguel.

The buyer of both properties at the Blythe Towne Center was Missouri Plaza LLC of St. Louis, MO. Missouri Plaza was represented by C.K. Yoon of Prudential California Realty in Carlsbad.