Two investment companies purchased the “premier” Fig Garden Village Shopping Center, saying they want to add new tenants and upgrade the Fresno property.

“Fig Garden Village is an exciting acquisition, and we’re thrilled to partner with CenterCal to enhance and revitalize this iconic property,” said Dan Goldman, head of West Coast operations at DRA Advisors in a news release. “Together, we plan to introduce dynamic new tenants, upgrade key amenities, and ensure the center continues to be a vibrant and welcoming destination for the Fresno community.”

But Fresno County Assessor Recorder Paul Dictos wondered why the price of the shopping center with Whole Foods Market, Elbow Room, and La Boulangerie had only risen by 8.5% in 10 years — not even keeping up with inflation, but possibly delivering a bargain for the buyers.

DRA Advisors and CenterCal purchased Fig Garden for $115.8 million, according to county tax records. In 2015, the center sold for $106 million to Rouse Properties, Dictos said. The U.S. Bureau of Labor Statistics reports $106 million would be worth $145 million after inflation.

Dictos thought the reason could be deferred maintenance. An email sent to CenterCal Properties by GV Wire was not returned before publication of this story.

Buyers Seek New Tenants While Retaining ‘Unique Charm’

The new owners say they want to focus on enhancing the customer experience by bringing new “vibrant retail and dining offerings,” the release stated. Another stated goal: Preserving the 300,000-square-foot center’s unique charm and architectural character.

Fig Garden has the only Pottery Barn, Williams Sonoma, and Banana Republic in the region, according to the release. Fig Garden also plays home to Whole Foods Market, Anthropologie, Madewell, and Paper Source.

Local draws include La Boulangerie, The Elbow Room, and Orloff Jewelers.

New York City-based DRA Advisors partnered with Costa Mesa-based CenterCal on the purchase.

DRA holds about $14 billion in committed equity and $11 billion in assets, according to its website. Clients include public and private pension funds, university endowments, foundations, and sovereign wealth funds. Only 7% of their real estate portfolio is in retail, as 71% is industrial.

CenterCal Properties focuses on the western United States, with multifamily and retail hubs in Long Beach, Brentwood, and Emeryville.

“This acquisition represents more than a strategic investment — it’s an opportunity to enrich a beloved community destination,” said Jean Paul Wardy, CEO of CenterCal Properties.