IE Business Daily Business news for the Inland Empire.
Progressive Real Estate Partners in Rancho Cucamonga has negotiated the sale of a Fresno shopping center.
A Los Angeles investor whose name was not released bought Peppertree Plaza for $6.6 million, according to a statement on Progressive’s website.
Progressive represented the seller, a Bay Area investor who also wished to remain anonymous.
Peppertree Plaza covers approximately 51,000 square feet, consists of five buildings and is at one of Fresno’s busiest intersections. It is nearly 90 percent leased.
Tenants include Outback Steakhouse, FastSigns, Ocean Dental Group and State Bank of India. Nearby national retailers include Target, Walmart, CVS, Home Depot, and Dick’s Sporting Goods.
An estimated 107,000 people with an average annual household income of $147,000 live within a three-mile radius of Peppertree Plaza. Nine investors made offers on the property, according to Progressive.
