The owner of the Mission Village shopping center near Fashion Fair Mall has sold the property for $8.05 million.
The buyer was MCS Guardian Properties LLC, a private investment company, from Solana Beach, according to the Hanley Investment Group who announced the sale on Monday.
The Hanley group is an Irvine-based investment brokerage firm who represented the seller in the transaction, a private investment company in Newport Beach. Greg Bethke of Manco Abbott, Inc., a Fresno real estate management company, represented the buyer.
“The potential upside through raising below market rents and filling the 17% vacancy produced strong investor interest, generating over 10 qualified offers,” said Eric P. Wohl, Hanley’s senior vice president, in a news release. “We were able to procure an all-cash buyer who owns three other similar assets in the trade area with leasing and management already in place, which helped expedite the process.”
Mission Village is a 52,950-square-foot center built in 1979 on the southwest corner of Shaw Avenue and Fresno Street. It is anchored by a CVS Pharmacy store.
Other tenants in the center, which was 83% occupied at the time of the sale, include Cinderella Cellar, a bridal store; Samos Kitchen, a Korean BBQ restaurant; and a Curves fitness club.