Inland Real Estate Adds Fresno Retail Property
- Oct 30, 2015
Marketplace at El Paseo in Fresno was recently acquired by Inland Real Estate Income Trust, greatly expanding the new owner’s commercial real estate portfolio. Inland Real Estate Acquisitions Vice President Matthew Tice led the acquisition process on behalf of the new owner.
Located at 6549 North Riverside Drive, Marketplace at El Paseo offers a total of 224,683 square feet of retail space. The facility benefits from placement in a high-traffic area of the city that draws around 120,000 consumers. The sector of the city located between the 99 Freeway and Fresno’s Herndon Avenue is a residential and retail corridor that has been generating more and more activity over the past interval.
Developed in 2014, the retail property is just four percent vacant. At the time of the sale, El Paseo had a tenant roster consisting of names such as Burlington Coat Factory, Ross Dress for Less, Marshalls, Old Navy, Petco, Famous Footwear, and Ulta Beauty. Target shadow anchors the retail center, and was not involved in the transaction.
Image courtesy of Google Streetview