Fig Garden Center sells to investors. What do they plan for Fresno shopping mall?
One of Fresno’s most prominent shopping centers, Fig Garden Village, has been sold to investors who said they have plans for expansion and new offerings.
The deal for the 300,000-square-foot shopping center in Fig Garden closed Friday for an undisclosed purchase price by CenterCal, a real estate firm in Costa Mesa, and New York-based investment firm DRA Advisors, according to a news release.
Fig Garden Village is known for big-named shops — like Whole Foods, Williams Sonoma and Banana Republic — as well as local favorite eateries like Elbow Room and Wassabi Off the Hook.
The investors said Monday they will focus on reinvestment in the property to offer new dining and retail options while not changing the center’s character. They did not provide any specific details on upgrades or new businesses.
“This acquisition represents more than a strategic investment — it’s an opportunity to enrich a beloved community destination,” Jean Paul Wardy, CEO of CenterCal, said in a news release. “Together with DRA Advisors, we plan to elevate the experience at Fig Garden Village, while honoring its deep roots in the community.”
Fig Garden Village is surrounded by one of Fresno’s more-affluent neighborhoods at Palm and Shaw avenues.
It last sold for for $106.1 million in 2015 to Rouse Properties, a New York-based owner and operator of enclosed regional malls and retail centers.
Fig Garden Village started out as a 17-acre shopping center built in 1956 by Ellen and Allen Funch. Its tenants over the years have included Gottschalks, Bulldog Brewing Co. and Fig Garden Cinemas whose buildings were all demolished for a major renovation project when Donahue Schriber bought the property in 2004.
Donahue Schriber paid about $90 million, a local real estate source said at the time, and brought some stability after two ownership changes in eight years.
The new owners plan upgrades to the center, according to Dan Goldman, head of West Coast Operations at DRA Advisors.
“Fig Garden Village is an exciting acquisition, and we’re thrilled to partner with CenterCal to enhance and revitalize this iconic property,” he said in a news release.
