Our first Newsletter was a complete success.  We have received numerous favorable comments.  I would like to thank Tasdid Chowdhury, our student assistant, for the many hours spent working on it.  He has done an amazing job!

One exciting news to share is the recent ranking of our Real Estate program in the Craig School of Business by Commercial Property Executive and Multi-Housing News.  We are delighted to be ranked among such prestigious University programs!  You can check the websites here: 
Commercial Property Executive and Multi-Housing News. You can also read the full article on page 10 of their April 2019 issue found here.

Our June 2019 newsletter focuses on agricultural investments.  On May 9, the Gazarian Real Estate Center hosted the Spring 2019 Agricultural Investment Symposium.  Fowler Packing Company and Pearson Realty generously sponsored the event.  Our guest speakers delighted us with valuable information on the status of agricultural investments in the U.S. and California. 

Stan Xavier, a well-known Fresno appraiser, presented a detailed analysis of local trends in land values.  He highlighted the uncertainty that the Sustainable Groundwater Management Act (SGMA) has placed on current land values, and provided some insights into its future impact. 

Our next speaker was Jamie Shen, Chief Investment Officer at PGIM Agricultural Investments.  Her presentation focused on permanent plantings outlook.  According to the NCREIF Index, the leading performance indicator for commercial properties, permanent crop properties have consistently outperformed other agricultural investments.  Jamie also stressed the potential issues that SGMA may bring to California.

After Jamie Shen, Dr. Srini Konduru, one of Fresno State’s faculty members and Chair of the Department of Agricultural Business, lectured on the global demand for agricultural products.  He highlighted the growing trend for high-valued agricultural products and how California’s position in the global market has been solidified over the years.

The last session was a discussion panel moderated by Leland Parnagian, Chair of the Gazarian Center Advisory Board.  The panelists were Brent A. Reed, Associate Director and Senior Acquisitions Manager at Pacific West Hancock Agricultural Investment Group; Rick Shaeffer, Senior Vice President of Agribusiness Manager at Central Valley Community Bank; and Sullivan Grosz, Vice President of Farm Lands Department at Pearson Realty.  The main focus of this session was to provide attendees with information on how institutional agricultural investors make decisions about the acquisition of agricultural property.  It was highlighted, not surprisingly, the importance of water and how its availability or lack of shape investor’s decision-making.

If you would like to go through the information presented at the Spring 2019 Agricultural Investment Symposium, please visit our website at  Soon we will be posting videos of each presenter.

Once again, if you have any suggestions for this newsletter, please let us know at  We will be happy to address your specific interests.


Andres Jauregui


Upcoming Event

September 19, 2019

Tour: 12:30 - 4:30pm
Reception: 4:30 - 6:30pm

RSVP to the First Annual Tri-City Real Estate Tour!

Join regional industry experts and tour groundbreaking and key developments in Fresno, Clovis, and Madera

Early Bird: $45 (RSVP by 7/31/19)
Regular: $65 (RSVP after 8/1/19)
Reception Only: $35

Seating is limited to 150 passengers

Official invitation to follow

For sponsorship and ticketing information, please contact 

Cara Peracchi Douglas at

Reception Sponsored by

Tour Bus Sponsored by


Featured Article

History of Institutional Farmland Investment


Over the past three decades, farmland investing has grown exponentially from a “niche” investment dominated by a few large pension plans and insurance companies to a mainstream institutional real asset class that increasingly can be accessed by retail-oriented investors. In the early 2000s, the thesis of global population growth and increasing meat consumption in developing countries driving demand for food and farmland amid declining farmland acreage and decreasing rates of productivity growth became well-established. Coupled with drought-induced spikes in food prices in 2007 and 2008, which further played into the Malthusian thesis, along with added price volatility fueled by commodity speculation, interest in the asset class increased dramatically, bringing numerous new investors and investment managers to the market.

Read the full journal Here

Featured Reports
2018 Land and Lease Values
Trends Report

View Full Report By The American Society of Farm Managers and Rural Appraisers

2018 State Agriculture Overview

View Full Report By United State Department of Agriculture - National Agricultural Statistics Service

Additional Reports
Data and Statistics


CAR: 04/2019 Single Family Homes Sales and Price Activity 
CAR: 04/2019 Single Family Homes Supply Indicators 
CAR: 04/2019 Single Family Homes Price per Square Foot and Sales to List Ratio
CAR: 04/2019 Condos/Townhomes Sales and Price Activity
CAR: 04/2019 Condos/Townhomes Supply Indicators 
CAR: 04/2019 Condos/Townhomes Price per Square Foot and Sales to List Ratio

Central Valley
London Properties: 2018 Annual Housing Report
London Properties: 2019 Regional Sales Statistics Report
Guarantee Real Estate: Real Estate Market Report
Century 21 Fresno: Market Report


Office Market

Central Valley

Newmark Pearson Commercial: 2019 Q1 Office Market Trends
Colliers International: 2018 Fresno Clovis Office Market Annual Update


Industrial Market

Central Valley

Newmark Pearson Commercial: 2018 Q1 Industrial Market Trends
Colliers International: 2018 Mid Year Fresno Clovis Industrial Market Report
Colliers International: 2018 Mid Year Visalia Tulare Industrial Research Report


Featured Podcasts

Podcasts with Patrick Cavanaugh

California Ag Today has now expanded to create the largest ag-focused radio network covering California ag news. With veteran award-winning journalist Patrick Cavanaugh at the helm, the California Ag Today news team works to sample and share every point of view in the evolving discussion of what agriculture means to California.

Listen to Podcasts with Patrick Cavanaugh Here


Housing Matters Podcast

The Housing Matters Podcast is your housing hub for market analysis, economic trends, and housing news from the CALIFORNIA ASSOCIATION OF REALTORS® (C.A.R.). Be sure to subscribe on iTunes & soundcloud to hear the latest episode every other Friday to learn what you need to know about the market from C.A.R. experts who will give you their take on the week’s top real estate stories.

Listen to Housing Matters Podcasts Here

Photos & Videos
From Past Events
Your Gift Matters

Your gift matters because the quality of a Fresno State education and our commitment to educational opportunity depend on it. Fresno State could not be the institution it is today without generous gifts like yours.  We are grateful for your support. If you would like to make a specific donation to us, please mention "Gazarian Real Estate Center" in the gift instructions.

Thank you!
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Gazarian Real Estate Center · 5245 N Backer Ave M/S Pb05 · Pb186a · Fresno, CA 93740-0001 · USA

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