FRESNO, Calif. - Hanley Investment Group Real Estate Advisors, a nationally recognized real estate brokerage and advisory firm specializing in retail property sales, announced today that the firm recently completed the sale of Ash Tree Square, an 80,877-square-foot shopping center with a strong tenant lineup including Ross Dress for Less, Starbucks Drive-Thru, Wing Stop, Mountain Mike's Pizza, and a synergistic mix of national, regional and local tenants. The sale price was $15,787,200.
Hanley Investment Group's Vice Presidents Alexander Moore and Sean Cox, along with Executive Vice President Kevin Fryman, represented the seller, a private real estate management group based in Orange County, California. The buyer was a private investor based in Oakland, California.
Ash Tree Square is situated on 7.47 acres at 1029-1077 East Shaw Avenue at one of the highest trafficked intersections in the trade area at East Shaw Avenue and North First Street. The property was built in 1972 and renovated in 2018, with over $720,000 invested into the center since 2016. It sits directly across from the Fashion Fair Mall, a new 81-room Hilton hotel development, and near the 25,000-student Fresno State University. The five-mile trade area is supported by 408,000 permanent residents with more than 170,000 total daytime employees.
Hanley Investment Group's marketing strategy focused on the infill location of the asset, the long-term historical occupancy of the tenants, the potential to add value through leasing up the 14% remaining vacancy in a trade area with limited availability for quality junior anchor space, and the ability to purchase the asset below replacement cost.
"We generated multiple qualified offers through our aggressive marketing campaign and selected a Bay Area-based private investor who closed within 2% of the listing price and within the seller's desired time frame," said Moore.
The adjacent 973,000-square-foot Fashion Fair Mall features Apple, Macy's, Macy's Backstage, H&M, Forever 21, American Eagle, Sephora, Victoria's Secret, Five Below, ULTA Beauty, and noteworthy restaurant operators such as Chick-fil-A, Fleming's Prime Steakhouse, The Cheesecake Factory, BJ's Restaurant & Brewhouse, and Slater's 50/50. Awarded an "A" rating by Green Street, Fashion Fair Mall is the only super-regional mall within 90 miles and has more than seven million annual visitors.
More than 70% of the tenants at Ash Tree Square have occupied the property for more than 10 years and the majority of tenants have recently extended their lease, including Ross in 2020, demonstrating strong tenant performance and consumer demand.
Ash Tree Square is situated between two of Fresno's main highways: Highway 41, with over 138,000 cars per day and Highway 168, which averages 90,000 cars per day. The East Shaw Avenue and North First Street intersection is one of the major retail corridors in the city of Fresno, with over 62,000 cars per day.
"This sale is a great indication that investor demand remains strong for quality, well-located Central Valley shopping centers despite the sharp rise in interest rates over the last 18 months," said Moore.
About Hanley Investment Group
Hanley Investment Group Real Estate Advisors is a real estate brokerage and advisory services company with a $10.3 billion transaction track record that specializes in the sale of retail properties nationwide. Our expertise, proven track record, and unwavering dedication to putting clients' needs first set us apart in the industry. Hanley Investment Group creates value by delivering exceptional results through the use of property-specific marketing strategies, cutting-edge technology, and local market knowledge. Our nationwide relationships with investors, developers, institutions, franchisees, brokers, and 1031 exchange buyers are unparalleled in the industry, translating into maximum exposure and pricing for each property. With unmatched service, Hanley Investment Group has redefined the experience of selling retail investment properties.
For more information, visit www.hanleyinvestment.com.
Company Name: Hanley Investment Group Real Estate Advisors
Contact Person: Alexander Moore, Vice President
Email: Send Email
Address:3500 East Coast Highway, Suite 100
City: Corona del Mar
Country: United States