NEWPORT BEACH, CALIF. (October 16, 2018) – Mark Lucescu, President of LUCESCU REALTY, a market leading investment real estate services firm, announced today the sale of Clovis Commons Shopping Center in Clovis, CA (Fresno / Clovis MSA) for a total consideration of $45.0 Million. LUCESCU REALTY exclusively represented the interests of the seller, Brixmor Property Group, and procured the buyer. Brixmor Property Group (NYSE: BRX), headquartered in New York City, NY, is a real estate investment trust (REIT) that owns and operates a high-quality, national portfolio of open-air shopping centers. Its 471 retail centers comprise approximately 80 million square feet of prime retail space in established trade areas. The Company owns and operates shopping centers that reflect Brixmor’s vision “to be the center of the communities they serve” and are home to a diverse mix of thriving national, regional and local retailers. The Buyer was an affiliate of a privately held Investment and Management Company, headquartered in Southern California.
Clovis Commons is a 326,608 square foot Community Shopping Center, anchored by Target, Best Buy, T.J. Maxx, PetSmart, Office Depot and Dollar Tree. Target, which featured a full size grocery department, and totaled 145,653 square feet, was not a part of the sale. The five (5) major tenants included in the sale together occupy approximately 64 percent of the gross leasable area in the center. Many of the major tenants, including Target, were reporting very strong gross sales. The blue-chip tenant roster also included Round Table Pizza, Farmer Boys, Massage Envy, Sequoia Sandwich Co., El Pollo Loco, Chronic Taco, Verizon Wireless, Starbucks, Subway, GameStop, Kumon, Menchie’s, Cost Cutters and GNC. 92.7% of the leased GLA is occupied by Regional and National tenants that account for 88.4% of the Total NOI. The Property is situated in one of the most affluent residential communities in Central California; within a 1-mile radius the Average Household Income is $92,781 and within a 3-mile radius the Population is 131,121.
“It’s an institutional-quality center; one of the most dominant and successful centers within the entire MSA with a blue chip tenant roster, an infill location, and high barriers of entry” noted Lucescu. “Brixmor did a great job of owning, managing and leasing the center and the Buyer should continue that success”.
According to Lucescu in discussing the latest market trends, “We expect high grossing shopping centers to continue to garner very high investor demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. In addition to urban areas in gateway cities we also anticipate properties with similar fundamentals to continue to be highly sought after in markets outside of the major west coast gateway cities throughout the western US.
About LUCESCU REALTY
LUCESCU REALTY is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. Scope of services include sale transactions, advisory/consulting, debt/equity placement, property / asset management, market research and financial services. LUCESCU REALTY specializes in individual property and portfolio transactions, on behalf of public and private companies worldwide, involving neighborhood, community, power, and lifestyle centers, regional malls, and suburban and central business district office buildings. The hallmark of LUCESCU REALTY is its ability to maximize value through its exclusive focus on sale transactions, access to the full spectrum of both public and private investors, intimate local market knowledge through its in-house group of market analysts, tailored marketing strategies, and depth of capital market experience. LUCESCU REALTY is annually recognized as one of the most active brokerage firms in the United States. Headquartered in Newport Beach, California, LUCESCU REALTY has regional offices in Phoenix, Arizona and Las Vegas, Nevada and plans to open an office in San Francisco later this year. For more information, please visitwww.lucescurealty.com.