08 Feb 2018
Huntsville, AL — Matthews Real Estate Investment Services™ has announced the $14.15 million sale of a 143,739 square-foot center anchored by Havertys Furniture. The asset, sold by RCG Ventures, a privately funded real estate investment group that acquires and develops commercial real estate, is located at the corner of Old Monrovia Road and University Drive in Huntsville, Alabama. The buyer, RCP Companies, is a local Huntsville developer that is also redeveloping the Mid-City Mall adjacent to the center. The transaction was led by Scott Henard, SVP and Regional Director of Matthews™ Shopping Center Division, and Jordan Powell, Associate of the Matthews™ Shopping Center Division.
Matthews™ achieved a high price point and strong results for RCG Ventures by successfully navigating potential financing hurdles associated with this assets tenant make-up and selecting the best buyer. “We were very pleased to be able to work with Matthews™ on this asset and they did a great job creating a competitive environment that generated multiple offers,” said Mark Worley, RCG’s President and Chief Operating Officer. “This asset is unique, it is located at the front door of the $350 million Mid-City Mall redevelopment which creates future upside and synergy for the buyer. The asset is anchored by a furniture store, bowling alley, and thrift store and we leveraged our platform’s proprietary marketing database which allowed us to run an expansive marketing campaign,” said Scott Henard.
The Matthews™ Shopping Center Division prides themselves on their unwavering commitment to serving their clients’ best interest. With their competitive marketing technology and expansive global database, the division has earned a reputation for excellence in execution. For more information regarding this sale, or to discuss available shopping center inventory, please reach out to Scott Henard or Jordan Powell.
About Matthews Real Estate Investment Services:
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.