Partnership to Develop $60 Million Power Center
Fresno, Calif. — A partnership between N3 Real Estate, Rich Development Enterprises and Gryphon Capital will develop the 398,000-square-foot Marketplace at El Paseo in Fresno. The $60 million project will be anchored by a Target. Additional tenants will include Ross Dress for Less, Petco, Burlington Coat Factory, Marshalls and Old Navy. Marketplace at El Paseo will open in March 2014.
“Development activity in this area is attracting national retailers looking to expand with all the anchor and junior anchor spaces already pre-leased. The Marketplace at El Paseo project is a unique opportunity to develop an institutional quality asset at an attractive yield. The anchor tenants have remained committed to the project throughout the entitlement process and we look to lease the few remaining spaces prior to completing construction”, says Biff McGuire, CEO of N3 Real Estate.
Rich Development Enterprises specializes in power centers and grocery-anchored retail developments. Gryphon Capital is a privately held real estate company focusing on the acquisition and development of shopping centers and mixed-use projects throughout the Western U.S. Southlake, Texas-based N3 Real Estate was founded in 2004. The company owns and manages more than $200 million of retail projects for its investors.
Construction is underway on the Target-anchored Marketplace at El Paseo in Fresno, CA. The $60 million development is a partnership between N3 Real Estate and Rich Development Enterprises.