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RETAIL NEWS
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Highpoint Capital Group Acquires Fresno-Area Retail Portfolio

2/04/15

Highpoint Capital Group LLC has obtained $17.5 mil in financing for the acquisition and renovation of a three-property retail portfolio totaling more than 280k sf in the Fresno-Clovis area of California. The transaction, which includes $5.925 mil for additional construction financing, was arranged by George Smith Partners.

“We achieved the financing for this property based on the borrower’s ability to renovate and lease-up these centers very quickly,” explained George Smith Partners’ Principal and Managing Director Steve Bram. “Despite the excellent location of these properties, they are at just 65 percent occupancy, which is far below the average occupancy for the area. These locations clearly provide strong upside for growth in value, based on the planned renovations and increased leasing.”

Bram and George Smith Partners Senior Vice President Allison Higgins arranged the financing.

Highpoint Capital Group is already in process on several of the planned renovations for the properties, with the ultimate goal of elevating the properties’ positions in their submarkets. The renovations of all three properties includes complete facelifts of the exteriors including all new facades, installing drought resistant landscaping including succulents and indigenous plants, as well as adding new high-tech drip irrigation systems, which will reduce water usage at the properties significantly. With these improvements, the properties' operating costs should be 25 to 50 percent lower than neighboring centers in the Fresno/Clovis area, resulting in lower rent costs.

About the Portfolio:

Gallery Plaza is a 66.1k sf retail center located at the intersection of Shaw Ave and Fresno St, one of the city's highest profile retail intersections. The property is also adjacent to the dominant regional mall in Fresno, Macerich Fashion Fair Mall. Gallery Plaza was previously anchored by World Market (a subsidiary of Bed, Bath & Beyond).

Manchester North Shopping Center is a 103.6k sf retail center located at the intersection of Blackstone Ave and Dakota Ave in Fresno. Manchester North is anchored by Dollar Tree and Hometown Buffet and is located in the area’s primary retail corridor, adjacent to the Manchester Shopping Center.

Rodeo Plaza is a 111.1k sf retail center located at the intersection of Shaw Ave and Minnewawa Ave in the city of Clovis. Current tenants include a newly renovated Applebee’s, the AMF bowling alley Rodeo Lanes, and Kaplan College, a trade school. Rodeo Plaza also features some unique office space, with units sized between 500 sf and 2k sf.





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