Best Buy, T.J. Maxx, PetSmart, Office Depot and Dollar Tree at Clovis Crossing have been sold. Image via Google Earth
Written by Gabriel Dillard
The Target-anchored Clovis Commons Shopping Center has changed hands for $45 million.
Clovis Commons is located at the northeast corner of Herndon and Willow avenues. It consists of 326,608 square feet. The Target store, at more than 145,000 square feet, was not part of the sale.
Five major tenants including Best Buy, T.J. Maxx, PetSmart, Office Depot and Dollar Tree were part of the sale – comprising 64 percent of the center’s gross leasable area, according to a news release from Newport Beach-based real estate services firm Lucescu Realty, which represented the seller.
The seller was New York-based real estate investment trust Brixmor Property Group. According to an annual filing with the Securities and Exchange Commission, Brixmor acquired Clovis Commons in 2013 for $52.5 million.
The new buyer was not disclosed, but is described as “an affiliate of a privately held investment and management company headquartered in Southern California” in the news release.
About 92 percent of the center’s gross leasable area is occupied by regional and national tenants including Round Table Pizza, Massage Envy, Sequoia Sandwich Co., Chronic Tacos and Starbucks, according to the release.
“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,” said Mark Lucescu, president of Lucescu Realty “Brixmor did a great job of owning, managing and leasing the center and the Buyer should continue that success.”
Brixmor also owns the Arbor – Broadway Faire shopping center in Fresno near Shaw and Valentine avenues. It is anchored by The Home Depot, a newly remodeled Smart & Final and PetSmart. Brixmor bought the center in 2011 for $40 million, according to the SEC filing.
Lucescu is bullish about the latest trends in the commercial real estate market for retail.
“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,” Lucescu said. “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.”