Retail? Near and/or near The 5? Nailed it. The Shaw West Center in Fresno, Calif., has changed hands.

Matthews Real Estate Investment Services has brokered the sale of Shaw West Center, a shopping center located at 2047-2097 W Shaw Ave. The transaction closed at $11.1 million and was handled by Senior Associate Nabil Awada. 

Fresno has around 39,000 full-time residents. Some of those residents are going to want to retail, at some point. 

The private buyer, according to a news release, wants to execute a 1031 Exchange out of a multifamily-property situation in Los Angeles. The buyer in this deal has some larger plans, per the release:

“My client was able to successfully exchange out of a turn-key apartment building with an NOI of $165,000 and move his equity into a stabilized retail center with an NOI of $760,000,” Nabil said. “This 360 percent increase in net operating income is a prime example of the valuable arbitrage opportunities that a 1031 Exchange can yield for savvy investors who are willing to consider moving their equity into other markets and across different property types.”