The Fresno property was the 60,604-sf Mission Village at 335-393and 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 thebuyer, the new owner has "an outstanding opportunity to immediatelyraise rents and increase the overall value of the property," whichis situated across the street from the Fashion Fair Mall.

Built in 1976, Mission Village sits on 5.2 acres at thesouthwest 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 Villagelocation exceed 80,000 cars per day. The pad locations within thecenter have the most significant opportunity to increase value, hesays, with the buyer expecting to "attract interest from nationalcredit tenants at rents significantly higher than the property hasgenerated historically."