Peppertree Plaza in Fresno generated nine offers prior to its sale for $6.68 million. PREP photo

The 51,000 square-foot Peppertree Plaza shopping center at Shaw and Marks avenues in Northwest Fresno has been sold for $6.68 million.

Built in 1980, Peppertree Plaza is 87% leased. Current tenants include Outback Steakhouse, Deli Delicious, FastSigns and State Bank of India. That’s according to a news release from Rancho Cucamonga-based Progressive Real Estate Partners, which represented the seller, a Bay Area private investor.

Peppertree Plaza was marketed as on one of Fresno’s busiest retail corners, with visibility to an average of 72,400 cars per day.

According to real estate records, the buyer is Los Angeles-based ABH1, LLC — a private investor, according to the release.

Within a three-mile radius of Peppertree Plaza, there are more than 147,000 people with an average household income of $107,700, according to Progressive Real Estate Partners. Nearby national retailers include Target, Walmart and Home Depot.

Greg Bedell, senior vice president for Progressive Real Estate Partners, represented the seller in the all-cash deal that was part of a 1031 tax exchange. He said the listing generated multiple offers.

“The buyer was drawn to the center’s high-traffic location and the opportunity to unlock value through strategic leasing and repositioning,” Bedell said in a statement. “Our marketing efforts generated nine offers illustrating that demand for well-located, value-add retail remains strong — particularly in established California markets and in properties with diverse, service oriented tenant mixes and clear paths to upside.”

Progressive Real Estate Partners (PREP) is a boutique commercial brokerage founded in 2008 and specializing in the leasing and sale of retail properties in Southern California’s Inland Empire, San Gabriel Valley and Coachella Valley. Since its founding, the firm has completed more than 1,650 lease and sales transaction valued at more than $1.8 billion in more than 35 cities.