Ash Tree Sq.. Picture courtesy of Hanley Funding Group
Oakland, Calif.-based Commonwealth Actual Property has paid $15.8 million for Ash Tree Sq., an 80,877-square-foot procuring heart in Fresno, Calif., public data present. The agency financed the acquisition with a $11.2 million mortgage supplied by Summit State Financial institution.
The earlier proprietor was JL Administration, which had bought the asset in 2016 for $13.7 million, in line with CommercialEdge knowledge. Hanley Funding Group Actual Property Advisors brokered the present transaction on behalf of the vendor.
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The retail asset got here on-line in 1972 and underwent renovations in 2018. Ross Costume for Much less anchors the property; Starbucks Drive-Via, Wing Cease and Mountain Mike’s Pizza are additionally on the roster. Greater than 70 p.c of tenants have been occupying the property for greater than a decade, and lots of of them have just lately prolonged their leases.
Ash Tree Sq.. Picture courtesy of Hanley Funding Group
Situated at 1029-1077 E. Shaw Ave., Ash Tree Sq. occupies a 7.5-acre lot at one of many busiest intersections within the commerce space—the junction of East Shaw Avenue and North First Road, with a each day visitors rely exceeding 62,000 automobiles. Some 408,000 everlasting residents stay inside a 5-mile radius.
Ash Tree Sq. can be adjoining to the 973,000-square-foot Vogue Honest Mall, a just lately developed 81-room Hilton lodge and Fresno State College, which is attended by roughly 25,000 college students. The mall has greater than 7 million guests yearly and options tenants together with Apple, Macy’s, Eternally 21, Sephora, Victoria’s Secret, 5 Beneath and ULTA Magnificence, amongst others.
Hanley Funding Group Vice Presidents Alexander Moore and Sean Cox, together with Government Vice President Kevin Fryman, represented the vendor.
Retail sector sees sluggish absorption, historic low availability
Based on CBRE analysis, the retail area absorption charge skilled a major slowdown within the first quarter of this yr, amounting to eight.6 million sq. toes in comparison with 31.5 million sq. toes throughout the identical interval in 2022.
Nonetheless, the sector has managed to take care of a optimistic development for the tenth consecutive quarter. The demand for newly constructed facilities stays sturdy, significantly within the energy heart and neighborhood, group and strip heart classes.
Throughout the first quarter, the nationwide common retail availability dropped to a historic low of 4.8 p.c, reflecting a lower of fifty foundation factors in comparison with the earlier yr. This represents the bottom degree recorded since 2005, when CBRE first began monitoring the market.
