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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<\/p>\n
One of Fresno\u2019s 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.\u00a0<\/p>\n
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.<\/p>\n
John Kourafas, a commercial investment advisor with The Visintainer Group, said the center\u2019s popularity comes from its diverse tenant mix, which includes McDonald\u2019s, Dollar Tree and U.S. Bank, as well as service-oriented businesses, fitness users, restaurants and office space.\u00a0<\/p>\n
\u201cIt\u2019s really just a center that\u2019s built to service the community,\u201d Kourafas said.\u00a0<\/p>\n
Locally owned R-N Market, one of Cedar Tree Village\u2019s anchor tenants, offers a broader and more diverse grocery selection than traditional grocers in the area, he said.\u00a0<\/p>\n
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.<\/p>\n
Kourafas said he wouldn\u2019t be shocked if a buyer emerges from outside the area.<\/p>\n
\u201cIt wouldn\u2019t surprise me if we were pulling investors from Los Angeles or San Francisco as well, due to its location and tenant mix,\u201d he said.<\/p>\n
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.<\/p>\n
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\u2019s expected interest.<\/p>\n
\u201cWe just took it out to the market yesterday,\u201d Kourafas said about Cedar Tree Village. \u201cAlready, we\u2019re getting a lot of interest.\u201d<\/p>\n