Since 1956, Fig Garden Village has been a fixture at Shaw and Palm avenues in Fresno. Photo contributed

Fig Garden Village, one of Fresno’s oldest shopping centers, has been acquired by a pair of commercial real estate companies.

The new owners are DRA Advisors, a New York-based investment advisory firm and CenterCal, a full-service commercial real estate company based in Costa Mesa, California. 

Fig Garden Village was the first of Fresno’s regional shopping centers, developed by Ellen and Allen Funch in 1956.

It has had a lineup of owners over the years, including Donahue Schriber, Rouse Properties and Brookfield, which acquired Rouse Properties in 2016. 

Rouse Properties purchased the nearly 300,000 square-foot Fig Garden Village in 2015 for $106.1 million.

DRA Advisors and CenterCal Properties announced that their purchase was completed on May 9. Terms of the deal were not disclosed. 

“This acquisition represents more than a strategic investment — it’s an opportunity to enrich a beloved community destination,” said Jean Paul Wardy, CEO of CenterCal Properties. “Together with DRA Advisors, we plan to elevate the experience at Fig Garden Village, while honoring its deep roots in the community.”

Orloff Jewers has been a tenant at Fig Garden Village since 1982. They’ve followed the sale process for several months.

“I had the opportunity to speak to one of the partners, Daniel Goldman. I was very impressed with what they want to do with the center,” said Orloff Jewelers co-Owner Mary Ann Orloff, adding that the overall appearance will improve.

“I think what’s nice is that they are familiar with the Valley,” Orloff said. “It sounds like this is going to be their ‘jewel.’ I’m very optimistic about them.”

Goldman added that they will be looking to add new tenants as well as upgrade the property.

“Fig Garden Village is an exciting acquisition, and we’re thrilled to partner with CenterCal to enhance and revitalize this iconic property,” said Goldman, the head of West Coast Operations at DRA Advisors. “Together, we plan to introduce dynamic new tenants, upgrade key amenities, and ensure the center continues to be a vibrant and welcoming destination for the Fresno community.”

Last year, Fig Garden Village won The Business Journal’s Best of Central Valley Business award in the Best Shopping Center category for the first time.

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Ben Hensley contributed to this report.