Real Estate Blog

August 26, 2014

Mission Village shopping center sold to Solana Beach investment company

Real Estate Blog

BoNhia Lee on what's going down and going up in the Valley market

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.

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About BoNhia Lee

@bonhialee

BoNhia Lee is a business reporter who has covered the ups and downs of the residential and commercial real estate market for The Bee since 2009. Contact her at blee@fresnobee.com or 559-441-6495.

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