Retail Sales of $16M Close With Upside

IRVINE, CA-Separate buyers of three recently closed retail properties all stand to realize significant gains by raising rents, according to Hanley Investment Group Real Estate Advisors, the broker on all three of the transactions. The deals, which closed for an aggregate of more than $16.3 million, involved a shopping center in Fresno and two portions of a center in Blythe.

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.