Inland Real Estate Income Trust, an Illinois-based commercial real estate and finance organization, announced Wednesday that it has acquired The Marketplace at El Paseo shopping center in northwest Fresno for $70 million.
The sale expands “the reach of Inland Income Trust’s portfolio and the company’s geographic footprint to California,” said Mitchell Sabshon, president and chief executive officer, in a news release.
Inland owns or controls retail, office, industrial and apartment properties across the country. In California, the company owns the NorthPointe Shopping Center in Modesto.
El Paseo, the largest retail center on Herndon, east of Highway 99, was built by Rich Development, a southern California development company in 2014. It is 96 percent leased and anchored by Target. Other tenants include Burlington Coat Factory, Marshalls, Ross Dress for Less, Old Navy, Petco, Ulta Beauty and Famous Footwear.
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Rich Development has plans to build the second phase of the center along Golden State Boulevard.
Matthew Tice, vice president of Inland Real Estate Acquisitions, represented the buyer. Disney Investment Group, a Dallas-based brokerage firm, facilitated the sale with the developer.