The H Street warehouse near Chukchansi Park is set for demolition next month, with hopes for development at the site to follow. Google Street View photo

Demolition of the large abandoned warehouse that stretches a city block along H Street near Chukchansi Park is set to begin next month with hopes for new housing, Fresno Mayor Jerry Dyer announced Wednesday.

As part of The Maddy Institute’s Maddy Associates Speaker Series, Dyer and Downtown Fresno Partnership President and CEO Elliot Balch shared some prospective projects coming to Downtown and Chinatown. 

Investment is following the $300 million pledged by the state for the City of Fresno’s Downtown revitalization. 

Along with activity on H and Inyo streets behind Chukchansi Park, Los Angeles entrepreneur Joseph Merhi, in partnership with the owners of the Los Arcos Nightclub and shopping complex at 1435 Fresno St., is looking at a potential entertainment center with a rooftop restaurant and bar along with housing. 

Mehri is also a partner with the Laugh Factory comedy club, which is looking for some possible locations in Fresno for a club — possibly Downtown, reported The Fresno Bee. 

With the state investment, Mayor Dyer said his team would conduct a market research analysis to know what businesses they could or should be attracting Downtown and Chinatown. 

 

Outlets, apartments at Tejon 

Located between Interstate 5 and Highway 99, the Outlets at Tejon has approximately 80,000 daily travelers driving by the 320,000-square-foot retail space. As they head into Southern California, the outlets have grown to draw visitors from all over the state. 

Recently, the center announced the addition of six new stores joining the more than 50 brands already there. New additions include Lacoste, Forever 21 and Under Armour.

Arriving adjacent to the outlets, the Tejon Ranch is moving forward with developing 486 multi-family units on the east side of the Tejon Ranch Commerce Center.

The project will consist of one-, two-, and three-bedroom apartment homes with amenities including a clubhouse, dog washing station, fitness facility, community pool area, and paseos to provide walkable connectivity. With its growing commercial and industrial development portfolio, the Tejon Ranch Commerce Center recently added its fifth industrial building, leaving nearly 12 million square feet of entitled space available for lease, build-to-suit or sale.

 

$13.6M Sale of Bakersfield apartments

The Mogharebi Group (TMG) announced the $13.6 million sale of Cedar Oaks Apartments, a 98-unit multi-family community in Bakersfield. 

Senior Vice President Mark Bonas represented the seller in the off-market transaction. Both buyers and sellers are Central Valley investors. According to CoStar, this sale represents Bakersfield’s second-largest transaction this year.

The property was 98.5% leased at closing.

The garden-style community sits on a 1.76-acre site at 3300 Gosford Road. Built-in 1984, the property comprises two-bedroom apartment homes. Each unit features an all-electric kitchen, washer/dryer hookups, covered parking, and access to a community pool. 

“The Buyer is an experienced Central Valley investor who wanted to add to his holdings in Bakersfield,” said TMG’s Bonas. “The Buyer reached out to TMG with a requirement to acquire a property within a specific unit size and price range. Given our experience and relationships in the area, we were able to quickly identify a property whose owner might be ready to sell. We were able to go into escrow within days.” 

As a leader in multi-family investment advisory since its founding in 2015, The Mogharebi Group has been especially active in the Central Valley—closing on more than 10,000 units in the region with a total value exceeding $1 billion.