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November 17, 2018
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Central CA Retail Center Trades in $45 Mil Deal

10/22/18

The majority portion of Clovis Commons, a 326.6k sf shopping center in Clovis, CA, has sold in a transaction valued at $45 mil. The sale, which was for 181k sf, works out to around $249/sf. The property was sold by Brixmor Property Group, a publicly traded REIT based out of New York City.

Clovis Commons is anchored by Target, Best Buy, T.J. Maxx, PetSmart, Office Depot and Dollar Tree. The 145.6k sf Target, which features a full size grocery department, was not a part of the sale. Clovis is situated about 10 miles northeast of Fresno.

The five major tenants included in the sale together occupy approximately 64% of the gross leasable area in the center. Many of the major tenants, including Target, were reporting very strong gross sales. The blue-chip tenant roster also included Round Table Pizza, Farmer Boys, Massage Envy, Sequoia Sandwich Co, El Pollo Loco, Chronic Taco, Verizon Wireless, Starbucks, Subway, GameStop, Kumon, Menchie’s, Cost Cutters and GNC. 92.7% of the leased GLA is occupied by regional and national tenants that account for 88.4% of the total NOI.

The property is situated in one of the most affluent residential communities in Central California; within a one-mile radius the average household income is $92,781 and within a three-mile radius the population is 131,121.

Mark Lucescu of Lucescu Realty represented Brixmor in the transaction, and procured the buyer, an affiliate of a privately held SoCal investment and management company.

"We expect high grossing shopping centers to continue to garner very high investor demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings,” notes Lucescu in discussing the latest market trends. “In addition to urban areas in gateway cities we also anticipate properties with similar fundamentals to continue to be highly sought after in markets outside of the major west coast gateway cities throughout the western US.”




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