{"id":1004669760,"date":"2023-06-28T02:09:58","date_gmt":"2023-06-28T10:09:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004669760"},"modified":"2023-06-28T02:10:00","modified_gmt":"2023-06-28T10:10:00","slug":"commonwealth-real-estate-buys-fresno-retail-asset","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/","title":{"rendered":"Commonwealth Real Estate Buys Fresno Retail Asset"},"content":{"rendered":"
\"Ash<\/a>

Ash Tree Square. Image courtesy of Hanley Investment Group<\/em><\/p><\/div>\n

Oakland, Calif.-based Commonwealth Real Estate<\/strong> has paid $15.8 million for Ash Tree Square, an 80,877-square-foot shopping center in Fresno, Calif., public records show. The firm financed the acquisition<\/a> with a $11.2 million loan provided by Summit State Bank<\/strong>.<\/p>\n

The previous owner was JL Management<\/strong>, which had purchased the asset in 2016 for $13.7 million, according to CommercialEdge data.\u00a0Hanley Investment Group Real Estate Advisors <\/strong>brokered the current transaction on behalf of the seller.<\/p>\n

\n

READ ALSO<\/strong>: Inside the Retail Stores of the Future<\/a><\/p>\n

\n

The retail asset came online in 1972 and underwent renovations in 2018. Ross Dress for Less anchors the property; Starbucks Drive-Thru, Wing Stop and Mountain Mike’s Pizza are also on the roster. More than 70 percent of tenants have been occupying the property for more than a decade, and many of them have recently extended their leases.<\/p>\n

\"Ash

Ash Tree Square. Image courtesy of Hanley Investment Group<\/em><\/p><\/div>\n

Located at 1029-1077 E. Shaw Ave., Ash Tree Square occupies a 7.5-acre lot at one of the busiest intersections in the trade area\u2014the junction of East Shaw Avenue and North First Street, with a daily traffic count exceeding 62,000 vehicles.\u00a0Some 408,000 permanent residents live within a 5-mile radius.<\/p>\n

<\/h2>\n

Ash Tree Square is also adjacent to the 973,000-square-foot Fashion Fair Mall, a recently developed 81-room Hilton hotel and Fresno State University, which is attended by approximately 25,000 students. The mall has more than 7 million visitors annually and features tenants including Apple, Macy\u2019s, Forever 21, Sephora, Victoria\u2019s Secret, Five Below and ULTA Beauty, among others.<\/p>\n

Hanley Investment Group Vice Presidents Alexander Moore and Sean Cox, along with Executive Vice President Kevin Fryman, represented the seller.<\/p>\n

Retail sector sees sluggish absorption, historic low availability<\/h2>\n

According to CBRE <\/a><\/strong>research<\/a>, the retail space absorption rate experienced a significant slowdown in the first quarter of this year, amounting to 8.6 million square feet compared to 31.5 million square feet during the same period in 2022.<\/p>\n

However, the sector has managed to maintain a positive trend for the 10th consecutive quarter. The demand for newly constructed centers remains strong, particularly in the power center and neighborhood, community and strip center categories.<\/p>\n

During the first quarter, the national average retail availability dropped to a historic low of 4.8 percent, reflecting a decrease of 50 basis points compared to the previous year. This represents the lowest level recorded since 2005, when CBRE first started monitoring the market.<\/p>\n","protected":false},"excerpt":{"rendered":"

The property traded for nearly $16 million. <\/p>\n","protected":false},"author":3030,"featured_media":1004669762,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,15],"tags":[33902],"class_list":["post-1004669760","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-west","tag-hanley-investment-group"],"acf":[],"yoast_head":"\nCommonwealth Real Estate Buys Fresno Retail Asset - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Oakland, Calif.-based Commonwealth Real Estate has paid $15.8 million for Ash Tree Square, a shopping center in Fresno, Calif.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Commonwealth Real Estate Buys Fresno Retail Asset\" \/>\n<meta property=\"og:description\" content=\"Oakland, Calif.-based Commonwealth Real Estate has paid $15.8 million for Ash Tree Square, a shopping center in Fresno, Calif.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-28T10:09:58+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-06-28T10:10:00+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Ash-Tree-Square.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1676\" \/>\n\t<meta property=\"og:image:height\" content=\"1257\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Raluca Toma\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/\",\"name\":\"Commonwealth Real Estate Buys Fresno Retail Asset - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Ash-Tree-Square.jpg\",\"datePublished\":\"2023-06-28T10:09:58+00:00\",\"dateModified\":\"2023-06-28T10:10:00+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/1e908d9381f3929d1d57f95e4db8c529\"},\"description\":\"Oakland, Calif.-based Commonwealth Real Estate has paid $15.8 million for Ash Tree Square, a shopping center in Fresno, Calif.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/commonwealth-real-estate-buys-fresno-retail-asset\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Ash-Tree-Square.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2023\/06\/Ash-Tree-Square.jpg\",\"width\":1676,\"height\":1257,\"caption\":\"Ash Tree Square. 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