The 83,325 square-foot Crossroads Shopping Center in Fresno has been sold for $10.4 million. Photo contributed

A Clovis shopping center has changed hands for the first time since being built.

A Southern California family purchased the Crossroads Shopping Center for $10.4 million, according to a news release.

The 83,325 square-foot shopping center at Bullard and Minnewawa avenues has had the same owners since it opened in 1978. The shopping center is fully occupied and anchored by Dollar General Market — Dollar General’s large format store that includes fresh meat and groceries.

Darrell DeShaw of San Francisco-based Kidder Mathews represented the buyer and CBRE Group’s NRP-West Team out of Newport Beach represented the seller. Fresno-based PACT Capital’s Tyler Shegerian and Adam Mortanian served as capital advisors and arranged the permanent financing.

“As the world continues to work through the effects of COVID-19, regional retail centers remain attractive to investors seeking to meet the modern consumers where they live and shop,” said Shegerian. 

Throughout the pandemic, grocery-anchored shopping centers have performed better than many real estate classes. Because of low construction, shopping centers have had the lowest vacancy rates in 15 years. 

“With the inverted yield curves and widening of spreads, we are proud to assist our client acquire this center with positive-leverage in this current interest rate environment,” said Mortanian, president and CEO of PACT Capital. 

One of the most recent tenants for the shopping center is Beer for the Meeples — the area’s first board game bar that opened in May 2022.