Newmark has announced the sale of Sierra Vista Mall and Lifestyle Center located at 1050 Shaw Avenue in Clovis, CA, eight miles northeast of Fresno. The regional mall, consisting of 500,000 square feet of gross leasable space was sold for $41 million to Mason Asset Management and Namdar Group, one of the largest private mall operators in the country. Executive Managing Director Thomas Dobrowski of Newmark’s Capital Markets group represented the non-disclosed seller - who had a 100% leasehold interest in the mall - in the transaction.
“The Sierra Vista Mall is a true hybrid enclosed and open-air center with a varied mix of tenants and uses. The combination of uses has led to the continually improving performance of the mall over the past several years, which is contrary to the mall narrative in the market today,” stated Dobrowski.
Originally built in 1988 and renovated in 2005, the mall’s outparcel and open-air configuration compliment the interior space, creating an upscale suburban shopping destination feel. With ample retail, dining and entertainment options, the mall’s line-up includes Kohls, Target, Sierra Vista Cinema, AT&T, Baja Fresh, Chipotle, Jamba Juice, Panera Bread, Red Robin, Sleep Fit, and Starbucks.
The asset is well-located at the intersection of Shaw and Clovis Avenues, approximately two miles from State Route 168 and proximate to Fresno State University and Fresno Yosemite International Airport. New developments underway surrounding the property include a 20-acre, 300-unit single-home and multifamily project and a new Costco location both with completion dates expected for 2019.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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