Crossroads Shopping Center in Clovis is changing hands in a $10.4 million deal announced Thursday morning.

A southern California family has purchased the 83,325-square-foot neighborhood shopping center, which is anchored by Dollar General Market. The center is at the intersection of Bullard and Minnewawa avenues.

PACT Capital, which arranged the financing, announced the transaction in a news release.

CBRE’s NRP-West Team out of Newport Beach brought the property to market. Darrell DeShaw of Kidder Mathews represented the buyers, and PACT Capital’s Tyler Shegerian and Adam Mortanian served as capital advisors.

“As the world continues to work through the effects of COVID-19, regional retail centers remain attractive to investors seeking to meet the modern consumers where they live and shop,” said Shegerian.

The sale marks the first time the grocery-anchored retail center has changed ownership since it was built in 1978. The shopping center is fully occupied.

Shopping Center Vacancy Rate Lowest Since 2007 in US

Shopping centers across the U.S. are seeing their lowest vacancy rate since 2007. That’s largely because there isn’t enough new retail space in some parts of the country, according to a new report from Cushman & Wakefield.

Vacancy in shopping centers peaked in early 2021 at nearly 8% and by the fourth quarter of 2022 had dropped to 5.7% nationally, commercialobserver.com reported.

Cushman & Wakefield attributes the sinking vacancy rate and a corresponding rise in rents at shopping centers to a  slowdown in new retail construction. Though builders finished 4.7 million square feet of new shopping centers in 2022, that’s 80% less than the 2015-19 average, Cushman & Wakefield noted.