Central Valley Shopping Center Sold

 

Visalia, CA — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, handled the $17,700,000 sale of Mary’s Vineyard shopping center located at 1305-1699 East Noble Avenue, Visalia, CA. This is the highest-priced sale in Visalia year-to-date. Matthews™ Associate Carter Hamilton and First Vice President and Senior Director Matt LoPiccolo represented the seller and buyer in the transaction.

 

Mary’s Vineyard, located directly off the 198 freeway in Visalia, is a grocery and drug store-anchored center with other national tenants like McDonald’s. Boasting 151,615 square feet and 28 tenants, the center sits on 16.51 acres. Current ownership has owned the land since 1920, as it was the family’s original homestead. The center was developed in 1989 and has been run as a family business ever since.

 

“We faced several challenges during this transaction including CMBS debt and issues with a special servicer, deferred maintenance, extended escrow period, etc.,” Hamilton said. “But our experience in closing similar assets allowed us to stay several steps ahead. We were in constant communication with the seller and buyer so that all parties understood and were comfortable with the transaction timeline.”

 

The property was purchased by Argonaut Investments, a privately held investment firm from the Bay Area. The company currently owns 40 grocery-anchored assets, and is a vertically integrated firm that has management and constructions service lines.

 

“It’s imperative to address the property level challenges when vetting buyers,” LoPiccolo said. “Argonaut’s expertise and commitment were invaluable in closing the deal. Without their willingness to commit to solving the property-level and borrower challenges, this deal would not have happened.”

 

This is the second Central Valley shopping center sale announced by Matthews™ in the last six months. LoPiccolo represented the seller in the $22.5 million sale of Merced Mall earlier this year.

 

For more information, please contact Carter Hamilton and Matt LoPiccolo.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.

 

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