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Two Shopping Centers Sell for $10.4M

FRESNO, CA-The two properties are the 38,000-sf Hoover Marketplace, which sold for $6.3 million, and the Northern Village site of 30,706 sf, which sold for $4.1 million.

By Peter Landau | Updated on April 01, 2002

FRESNO, CA-Two neighborhood shopping centers here have traded hands for $10.4 million. The two properties are the 38,000-sf Hoover Marketplace and the Northern Village site of 30,706 sf.

The Hoover Marketplace sold for $6.3 million, and is located at 5700-5780 North First St. here, at the corner of Bullard Ave. Hoover Marketplace, LLC was developer and seller of the center. A 60,000-sf Albertson’s Grocery store was the anchor tenant of the shopping center but was not included in the sale.

Other tenants included Blockbuster Video, Port of Subs, Countrywide Funding and Cingular Wireless. The shopping center was built in 1990 and was 98% leased at time of sale. Matthew Sullivan of Marcus & Millichap’s Los Angeles office represented the seller in this transaction. Reza Etedali of Sperry Van Ness Newport Beach office represented the buyer, as a part of the buyer’s 1031 tax deferred exchange.

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