Cedar Tree Village Shopping Center, located at Herndon and Cedar avenues in Fresno, is on the market for $20.85 million after more than 40 years under the same family ownership. Image via Google Earth
One of Fresno’s most visible retail centers is officially on the market. Cedar Tree Village Shopping Center is for sale with a call for offers deadline of March 4.
The 118,417 square-foot shopping center is located on Herndon and Cedar avenues, putting it in close proximity to high-traffic areas such as Saint Agnes Medical Center and Fresno State. The listed price is $20.85 million.
John Kourafas, a commercial investment advisor with The Visintainer Group, said the center’s popularity comes from its diverse tenant mix, which includes McDonald’s, Dollar Tree and U.S. Bank, as well as service-oriented businesses, fitness users, restaurants and office space.
“It’s really just a center that’s built to service the community,” Kourafas said.
Locally owned R-N Market, one of Cedar Tree Village’s anchor tenants, offers a broader and more diverse grocery selection than traditional grocers in the area, he said.
The shopping center has an occupancy rate of 96.3%, which is above average for comparable retail assets in the Central Valley, according to Kourafas. He added that opportunities to acquire a large shopping center with majority ownership are increasingly rare in Fresno.
Kourafas said he wouldn’t be shocked if a buyer emerges from outside the area.
“It wouldn’t surprise me if we were pulling investors from Los Angeles or San Francisco as well, due to its location and tenant mix,” he said.
The property is being sold by a family that developed the center more than 40 years ago and is now seeking to diversify its investments.
Kourafas compared the shopping center to one that Visintainer Group currently has in escrow in Lodi due to the multi-offer buyer demand to this center’s expected interest.
“We just took it out to the market yesterday,” Kourafas said about Cedar Tree Village. “Already, we’re getting a lot of interest.”
For more information on the shopping center, contact Kourafas.