90 W Ashlan Ave
Clovis, CA 93612
Office Property For Sale

CBRE is pleased to offer for sale a fully-leased office property is Clovis, California adjacent to and immediately northeast of Fresno. The property is leased to Pacific Gas and Electric Company (PG&E) and Planned Parenthood with supplemental income from wireless rooftop-antenna leases to AT&T and T-Mobile. PG&E leases 72.6% of the building and in 2016 expanded to its current 29,418 square feet and extended its lease. Planned Parenthood operates a call center at this site and has been a tenant since 2010. The asset is being offered at $7,000,000 which equates to $172.85 per square foot. The initial capitalization rate is 8.28%. If the asset is held for 10 years and then sold, our discounted cash flow analysis projects an unleveraged annual return of 9.9%. If debt is utilized the annual leveraged IRR is projected to be 16.38%. Clovis and its larger neighbor, Fresno, have a combined population in excess of 600,000 people and are part of a region that serves as one of the nation' s most important agricultural production centers. California' s Central Valley supplies well over half of the nation' s fresh fruits and vegetables.