Marketplace at El Paseo – SOLD!
- Rich Development
- November 02, 2015
Inland Real Estate Income Trust, Inc. has purchased Fresno’s 224,683-square-foot Marketplace at El Paseo shopping center.
Chris Shane of Los Angeles-based Gryphon Capital said that his company and Rich Development, also based in Southern California, continue to own a large parcel at the Marketplace at El Paseo and have plans for future development there.
“I can’t comment on any of the details involving the Inland sale,” Shane said. “But I can confirm that [Gryphon and Rich] are finishing up our plans for Phase Two of the shopping center. We’re very excited and plan to begin construction work sometime next year.”
Marketplace at El Paseo, located at 6549 N. Riverside Dr., at the southeast quadrant of Highway 99 and Herndon Avenue, is currently 96-percent leased, with a roster of national tenants that include Burlington Coat Factory, Marshalls, Ross Dress for Less, Old Navy, Petco, Ulta Beauty and Famous Footwear.
The shopping center is anchored by Target, which was not included in the transaction.