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5/26/21
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Wood Investments Companies Inc has purchased Kings Canyon Pavilion shopping center, a 152.4k sf community center in Fresno, for $11.8 mil ($$77/sf). Built in 2007, Kings Canyon Pavilion shopping center is situated on 14.33 acres at 4965 East Kings Canyon Rd, at the signalized intersection of East Kings Canyon Rd and South Willow Ave.
Kings Canyon Pavilion shopping center is 91%-occupied and is anchored by 99 Cents Only Stores. Located in the heart of Fresno, the center is on one of the city’s dominant streets with major retailers such as Walmart Supercenter, Home Depot, WinCo Foods, Ross and Dollar Tree located within a quarter of a mile of Kings Canyon Pavilion shopping center. Nearly 147,000 people reside within a two-mile radius of the shopping center.
According to Greg Vujnov, Wood Investments Companies’ new chief operating officer, Kings Canyon Pavilion shopping center represented a great value-add opportunity for the company. By the close of escrow on the property, Wood Investments had secured signed leases with Raising Cane’s Chicken Fingers and Dutch Bros. to occupy two new single-tenant pad buildings. “Both tenants, who are expected to open in mid-2022, will drive significant customer visits to the center,” notes Vujnov.
Vujnov also noted that the shopping center is well-positioned for future grocery and discount clothing tenants as Wood Investments looks to expand the number of tenants at the center. Current tenants besides 99 Cents Only Stores include O’Reilly Auto Parts, Cricket Wireless Authorized Retailer, Corina’s Taqueria restaurant, indoor family entertainment complex, No Surrender Unlimited, and Fallas Paredes.
Nick Frechou with Fresno-based Retail California represented Wood Investments Companies in the purchase. Decron Properties Corp of Los Angeles was the seller. The deal closed at a cap rate of 8.64%.
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