Cedar Tree Village Shopping Center is located at Herndon and Cedar avenues in Fresno. The Visintainer Group took several offers on the property, selling in July 2026 for $20.85 million. Visintainer image
After drawing interest from investors across the Golden State, Cedar Tree Village Shopping Center has sold for $20.85 million, hitting its asking price and marking one of the Central Valley’s largest investment transactions of 2026.
The 118,417 square-foot grocery-anchored shopping center at Herndon and Cedar avenues closed July 16. Cedar Tree Village LLC sold the property to Irvine-based Pacific Castle PM Inc. after more than 40 years of ownership by the original development family.
Visintainer Group’s Brett Visintainer and John Kourafas represented the seller. The property received seven qualified offers during a competitive marketing process, according to Visintainer Group.
When Cedar Tree Village hit the market in February, Kourafas told The Business Journal its location near Saint Agnes and Fresno State, combined with a 96.3% occupancy rate and a tenant mix anchored by R-N Market, made it attractive to both local and out of area investors.
He predicted heavy interest from Bay Area and Southern California buyers.
The center also secured long-term lease extensions with McDonald’s, R-N Market and Dollar Tree, while completing parking lot improvements in 2025.
Jonathan Chang, director of investments for Pacific Castle, said the acquisition also carries a personal connection with the company’s president, Rod Astarabadi, a Fresno State alumnus. Fresno State is less than two miles from the shopping center.
According to CoStar, the transaction ranks as the Central Valley’s second-largest retail investment sale of 2026 behind northeast Fresno’s Riverview Shopping Center, and achieved the region’s lowest cap rate among sales of stabilized shopping centers valued at more than $10 million.