6022-6052 N 1st St
Fresno, CA 93710
First & Bullard Center · Retail Property For Sale

Savills Studley Retail Investment Group is pleased to present the opportunity to acquire First & Bullard Center, one of Fresno’s most prominent shopping centers located on the northeast corner of N. First St. and E. Bullard Ave. The offering includes a total of ±73,032 SF comprised of national and regional anchors 99 Cents Only (23,200 SF), Rite Aid (21,440 SF), Island Pacific Supermarket (17,402 SF), and a variety of complementary shop and restaurant tenants, including the #1 Subway in the city of Fresno. First & Bullard Center is a unique grocery anchored shopping center with technically two “daily needs” driven tenants that provides stability to the asset. The offering also includes an unbuilt pad adjacent to Rite Aid that can accommodate up to ±6,000 SF or a drive thru further enhancing future cash flow. Rite Aid and 99 Cents Only have long term tenancy having occupied the center since 1974 and 2002 respectively and are both in their option periods. First & Bullard Center will always be a top tier choice from a location standpoint for tenants looking to relocate within the market and new tenants entering the Fresno market. The center offers outstanding identity and regional accessibility and is located just off of the 41 Yosemite Highway. The center features highly convenient ingress and egress as well as dedicated signalized access from N. First St. and E. Bullard Ave. The surrounding trade area offers a dense and dynamic consumer base and with an estimated 2016 census population of 520,159, Fresno is the fifth most populous city in California, the most populous city in the Central Valley, the most populous inland city in California, and the 34th most populous city in the nation. Dual Grocery & Drug Anchored Shopping Center •First & Bullard Center is one of the more prominent neighborhood shopping centers servicing Fresno, with Island Pacific Market, Rite Aid, and 99 Cents Only anchoring the center, and Subway operating their #1 store in the Fresno area. •Rite Aid, 99 Cents Only and Island Pacific Supermarket provide extraordinary “daily needs” traffic to the center. •The property is regionally accessible via two major freeways, the 41 Yosemite Hwy and 168 Hwy. Excellent Trade Area •First & Bullard Center is located in the heart of an outstanding trade area with strong population densities, extremely high barriers to entry, and limited competition. •Exceptional demographic characteristics - 350,000 residents with average household incomes of $74,172 within a 5 mile radius. •Property is 1.6 miles from California State University, Fresno which has a student population of over 25,000. Stable Tenant Mix •Synergistic tenant mix featuring strong retailers in their respective categories. •Well balanced and diverse merchandizing plan with a complimentary mix of grocery, drug, local service oriented, and restaurant operators. Exceptional Location •Excellent freeway location with tremendous regional access via the Yosemite Hwy 41 and Sierra Hwy 168 Freeways. •Exceptional ingress and egress including on/off ramps at E. Bullard Ave off the Yosemite Hwy 41. •Tremendous identity provided by massive daily traffic along N. First St and E. Bullard Ave. Ease of Management •Very passive investment opportunity with limited management responsibilities. •Majority of Tenants are on Triple Net Leases, with Rite Aid self-maintaining its box. •Island Pacific Supermarket, 99 Cents Only and Rite Aid currently reimburse a CAM Admin fee of 10%. Stable Income Stream •Over 82.1% of the income is generated from national and regional tenants. •Rite Aid has been at the center since 1974, evidencing their success and commitment to the shopping center. •99 Cents Only has occupied the shopping center since 2002 and currently in their third option period. •Subway is said to be operating the #1 store in Fresno at this location. Value-Add Opportunity and Flexible Exit Strategy •Opportunity includes one un-built pad adjacent to Rite Aid. Potential drive-thru or multi-tenant pad (±6,000 SF) will further enhance future returns. •Offered free and clear of debt providing maximum flexibility to the buyer. •Multiple parcels provides maximum flexibility to an investor.