LOS ANGELES--(BUSINESS WIRE)--Matthews Real Estate Investment Services™ has announced the $8.9 million sale of a newly constructed 27,800 square foot freestanding Smart & Final Extra!. The asset, sold by Evergreen Devco Inc., a national retail and multifamily development company with offices in Phoenix, Los Angeles, Denver, and Salt Lake City, is located at the signalized corner of North Mt. Vernon Avenue and Colton Avenue in Colton, California. At approximately $320 per square foot, Smart & Final Extra! closed with market-leading pricing for the Colton submarket, at a 5.50% cap rate. The transaction was led by Lindsay Tsumpes, AVP and Director, and El Warner, National Director of the Matthews™ Shopping Center Division.
The seller, Evergreen Devco Inc., was able to navigate both the entitlement and construction process and leverage their relationship with the tenant to produce a development that led to the strong results and high price point Matthews™ achieved. Matthews™ utilized their leading-edge technology to play an instrumental role in the process. “We were pleased to be able to work with Matthews and collaborate on a challenging, international sale transaction. Together we made a great team,” said Doug Leventhal, Evergreen’s Chief Operating Officer. “We leveraged our platform’s proprietary marketing database which allowed us to run an expansive marketing campaign, fully exposing the asset to both domestic and foreign buyers,” said El Warner. “The high visibility and heightened interest drove strong competition and pricing for the asset, ultimately connecting us with a foreign investor,” added Tsumpes.
The sale marks the first U.S. commercial investment for the buyer, a well-established and respected developer from Shanghai, China. The Matthews™ Shopping Center Division is extremely well versed in navigating and coordinating the complicated escrow and loan process across borders, with approximately half of their listings being sold to foreign investors. “Our understanding of the intricate process assures our client's comfortability. The buyer was extremely pleased with the outcome which allowed him to achieve the security and passive cash flow provided by a daily needs tenant in Southern California,” said Tsumpes.
The Matthews™ Shopping Center Division prides themselves on their unwavering commitment to serving their client’s best interest. With their competitive marketing technology and expansive global database, the division has earned a reputation for excellence in execution. In California, they are currently selling two other Smart & Finals, an Albertson’s anchored shopping canter, and an off-market Albertson’s. For more information regarding available shopping center inventory, please reach out to El Warner or Lindsay Tsumpes.
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in shopping center, STNL, Multifamily, Management, portfolio disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit WWW.MATTHEWS.COM.