20 Dec 2017
Yorba Linda, Calif. (December 20, 2017) — Matthews Real Estate Investment Services™, the nation’s fastest-growing brokerage firm, announces the sale of a freestanding 18,630 square-foot La-Z-Boy. The property, located at 23029 Eastpark Dr. in Yorba Linda, went under contract within two weeks of being listed for sale and was purchased at the full asking price of $5,472,000, representing approximately $300 per square foot and a market-setting cap rate. The transaction was led by Jordan Gomez, Associate and El Warner, National Director of the Matthews™ Shopping Center Division.
Matthews™ represented the seller, a private client group out of Santa Barbara, CA, who was looking to reinvest capital into their core competency of multifamily properties near their home base. The buyer, a private client group out of the Bay Area was in a 1031 Exchange looking for a single-tenant asset in Orange County that would provide them with ease of management and superior location. The transaction supports the rising trend of multifamily investors exchanging into single tenant retail and vice versa.
“Despite the uncertainty with big box retailers, this transaction signifies the continued demand from buyers that this asset class still has viability,” said Warner. “We had tremendous demand for this well-located Orange County asset and fielded several other offers,” added Gomez.
The Matthews™ database, heavy cold-calling to prospect buyers, and 1031 Private Client Advantage at Matthews™ aided in getting this deal across the finish line. If you have any questions relating to your shopping center and big box retail investment(s), please do not hesitate to reach out to El Warner or Jordan Gomez for more information.
About Matthews Real Estate Investment Services:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in multifamily, shopping center, STNL, management, leasing, 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.
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