Client Success

How Matthews™ Delivered a Competitive Buyer Outcome for Apple Mountain Resort

Matthews™ facilitated the sale of Apple Mountain Resort in Clarkesville, Georgia, a 100% vacant former resort asset positioned for a significant value-add redevelopment opportunity. The Matthews™ agents leveraged a national marketing platform segmented across hospitality, multifamily, housing, and auction-buyer pools. This approach generated competitive interest and helped exceed the auction reserve by more than 15%. The transaction also marked Matthews’™ second successful former resort sale with the seller in 2026. Challenge The asset’s non-operating status, lack of historical financials, and former resort use created underwriting complexity for prospective buyers. The Matthews™ agents needed to reposition the property beyond its prior hospitality function and communicate its broader potential for housing or multifamily conversion. Buyers required clarity around end-use flexibility, vacancy, and basis. The agents addressed these challenges by guiding market feedback into a clearer value narrative. Strategy The Matthews™ agents used hyper-specialized expertise across multifamily, hospitality, and auction execution to expose the asset to a broad and qualified buyer universe. The national campaign drew multiple prospective bidders and created a collaborative underwriting process that uncovered additional upside at the property. The agents positioned the offering around vacant possession, limited end-use restrictions, and an attractive per-room basis. This strategy helped convert buyer interest into a confident, competitive bidding environment. Result The seller secured a 50-day escrow with strong certainty of closing, supported by a buyer going nonrefundable with a 10% deposit on day one. The buyer achieved entry into a substantial value-add project at an attractive pricing basis, with flexibility to pursue future redevelopment plans. Ultimately, the transaction closed at 122% of reserve and had a total of 13 approved bidders. The Matthews™ agents delivered meaningful market exposure, exceeded auction expectations, and created a transaction structure aligned with both parties’ objectives.

Robert Anderson

Vice President of Auction Services

5/29/26

How Matthews™ Facilitated the Sale of an Ohio Hospitality Asset at $80K Per Key

Matthews™ facilitated the $80K per key sale of the Best Western Plus Dutch Haus Inn & Suites located in Columbiana, Ohio. The Matthews™ agents managed a transaction involving a long-term family-owned hospitality asset that had been developed and operated by the same ownership since 2000. The developer sought to transition into retirement while maximizing retained value from the surrounding real estate. Through targeted outreach and database-driven marketing efforts, the agents identified an out-of-state buyer aligned with the operational opportunity presented by the property. Challenge During escrow, the Matthews™ agents encountered a complex land replatting process required to outparcel a neighboring retail site from the hotel property. They coordinated closely with the buyer, seller, city officials, and county representatives to ensure the process remained on schedule and compliant with local requirements. Additionally, the hotel’s declining revenues created challenges surrounding debt service coverage ratios and financing qualification. Strategy To overcome financing concerns, the agents worked directly with a local lender capable of structuring attractive conventional financing despite tighter operating margins. They positioned the property’s upside potential around more hands-on management and operational improvements under new ownership. Throughout the process, the agent maintained consistent communication among all parties to navigate the escrow complexities and minimize delays tied to the land replatting requirements. Matthews’™ email campaigns and shared database exposure also played a key role in attracting qualified out-of-state interest for the asset. Result The transaction successfully closed at $80K per key, also allowing the seller to retain ownership of the adjacent retail site. The Matthews™ agents helped the seller fully cash out equity accumulated through decades of ownership and transition into retirement without the ongoing demands of hotel operations. The buyer was able to relocate a family member closer to relatives while acquiring a hospitality asset with operational upside potential. Through proactive coordination and strategic problem-solving, the agents delivered a smooth closing despite financing and entitlement-related challenges.

Luke Whittaker

Associate

5/29/26

How Matthews™ Navigated Data Gaps to Deliver a Transformative Resort Sale

Matthews™ agents successfully facilitated the sale of Timber Creek Resort, a 92,779 square-foot property in DeSoto, Missouri, for $6.25 million. The asset presented unique challenges due to a lack of traditional operating data. The transaction involved a sophisticated marketing approach, culminating in an auction that attracted diverse buyer interest and ultimately led to the property’s conversion into housing by the new owner. Challenge Without historical operating figures, the Matthews™ agents had to guide prospective purchasers through various financial projections. This involved crafting hypothetical business models and demonstrating different pathways to success for a property post-closing, effectively requiring buyers to project future performance from a blank slate. Overcoming this data vacuum demanded a highly consultative sales process and an ability to articulate diverse value-add opportunities beyond typical resort operations. Strategy The Matthews™ agents orchestrated multiple rounds of on-site tours, providing prospective buyers with an intimate understanding of the property’s potential. This hands-on approach was crucial in mitigating concerns arising from the lack of operating data. Ultimately, this meticulous process led to the qualification of 12 approved bidders, ensuring a competitive environment for the auction. The success of this strategy hinged on the agents’ ability to effectively communicate the property’s intrinsic value and future possibilities. Result The structured marketing campaign and auction-driven approach generated significant competition, culminating in a sale price exceeding 200% of the auction reserve and reaching approximately 225% on auction day. The property successfully closed at $6.25 million, delivering a strong outcome for the seller while enabling the buyer to execute a mixed-use conversion strategy. This transaction highlights Matthews™ agents’ expertise in handling complex assets and their ability to generate superior results even under unconventional circumstances, solidifying their reputation for innovation and client-centric solutions.

Mitchell Glasson

First Vice President

5/27/26

How Matthews™ Maximized Value in a Competitive San Francisco Multifamily Sale

Matthews™ successfully facilitated the sale of Lucia Apartments, a multifamily property located at 1750 Greenwich Street in San Francisco, California, in a highly competitive transaction that generated more than five offers during marketing. The property ultimately achieved a standout valuation for the area, with both price per unit and price per square foot exceeding local benchmarks. The transaction aligned with both parties’ investment goals, allowing the seller to restructure a Southern California-focused portfolio while enabling the buyer to expand a growing multifamily portfolio through a 1031 exchange strategy. Challenge The transaction required careful coordination between multiple moving parts, including a time-sensitive 1031 exchange requirement and a competitive offer environment. The seller, based in Beverly Hills, sought to reposition capital into assets more closely aligned with long-term portfolio objectives in Los Angeles. At the same time, the buyer was actively exchanging out of Denver-based assets and needed to identify a high-quality acquisition that met strict exchange timelines. With multiple offers on the table and elevated pricing expectations for the submarket, maintaining momentum while ensuring a smooth escrow process became a critical priority throughout negotiations. Strategy Matthews™ sourced the opportunity through direct outreach and strategically marketed the asset to Bay Area multifamily owners, generating significant investor engagement and creating a competitive bidding environment. Throughout the process, Matthews™ agents maintained consistent communication across all parties involved, allowing for seamless execution and quick responses as the transaction evolved. The collaborative structure of the platform created flexibility throughout escrow, ensuring that responsibilities could shift efficiently whenever needed to maintain deal velocity. By positioning the property’s strong in-place fundamentals and emphasizing the rarity of achieving such pricing metrics within the neighborhood, Matthews™ was able to drive competitive tension that ultimately elevated the final sale outcome. Result The transaction closed successfully at one of the highest price per unit and price per square-foot valuations in the surrounding area, delivering a strong outcome for the seller while satisfying the buyer’s 1031 exchange objectives. The smooth execution of the sale further strengthened the relationship with the buyer, who subsequently began exploring additional exchange opportunities through the Matthews™ platform. The successful outcome demonstrated Matthews’™ ability to navigate complex multifamily transactions, generate competitive market activity, and deliver strategic investment solutions that support long-term client objectives.

Jake Hoggatt

Associate

5/27/26

How Matthews™ Delivered a Streamlined Retail Closing in One of Tennessee’s Fastest-Growing Markets

Matthews™ facilitated the sale of Shops of Wilma Rudolph, a retail strip center located in Clarksville, Tennessee, for a price north of $5 million and above $500 per square foot. The property attracted strong interest from both in-state and out-of-state investors and ultimately closed quickly with the first buyer to go under contract. The buyer, a private investor from North Alabama completing a 1031 exchange, was drawn to the asset’s strong fundamentals, national tenant roster, value-add potential, and high-traffic location along Wilma Rudolph Boulevard. Challenge The seller, a Tennessee-based developer, was looking to reallocate capital into other projects while maximizing pricing and maintaining an efficient timeline. A key challenge was communicating the long-term upside of the Clarksville market to out-of-state investors who were less familiar with the area’s rapid growth and retail demand. With Clarksville leading Tennessee in population growth over the last two years and experiencing more than 16% population growth since 2020, the Matthews™ agents needed to effectively position both the market and the property’s future potential. Strategy Leveraging their deep local market expertise and understanding of Clarksville’s continued expansion, the agents positioned the asset as both a stable retail investment and a future growth opportunity. By highlighting the strength of the retail corridor, continued growth throughout Middle Tennessee, and lease comparables supporting future rent growth, Matthews™ generated strong investor interest early in the process. The marketing campaign attracted a broad buyer pool from both in-state and out-of-state markets within the first few weeks. Greater emphasis was placed on the property’s national tenant roster, recent building improvements, strong traffic counts, and the opportunity for one below-market tenant lease to reset closer to market rents during the upcoming option period. This combination of stabilized income and future upside resonated strongly with the eventual buyer, who was actively seeking a replacement asset with durable real estate fundamentals to satisfy a 1031 exchange requirement. Result The marketing process produced numerous qualified offers shortly after launch, allowing Matthews™ to secure the highest and best offer while maintaining a swift transaction timeline. The property ultimately closed with the first buyer to go under contract, demonstrating both the quality of the asset and the effectiveness of the execution strategy. The seller achieved favorable pricing, timing, and certainty of close, while the buyer secured a strategically located retail investment with long-term upside in one of Tennessee’s most dynamic growth markets.

Robert Tate

Senior Associate

5/26/26

How Matthews™ Turned Financing Hurdles into One of Clifton’s Highest Price Per Unit Mixed-Use Sales

Matthews™ successfully arranged the $4,400,000 sale of 231–237 Dayton Ave in Clifton, New Jersey, a mixed-use property that achieved one of the highest price per unit trades ever recorded in the market at approximately $232,000 per unit. The transaction closed over the course of eight months and generated 12 offers within the first 60 days of marketing. Challenge The transaction faced a series of significant financing and closing hurdles that threatened to derail the deal multiple times. The process initially began with agency financing, which became heavily delayed due to extensive lender requirements, restrictions, and prolonged underwriting timelines. Early in escrow, potential environmental concerns surfaced and required resolution before the transaction could continue. Just before a scheduled closing in November, the original lender unexpectedly withdrew financing because one of the property’s tenants operated a vape shop, creating an issue with lender restrictions. Although the deal was revived through a negotiated extension, increased deposit, and waiver of remaining due diligence contingencies, additional complications emerged when the replacement lender later encountered an unresolved issue with the buyer only days before closing. With the transaction once again at risk and time running out, both sides faced mounting pressure to preserve the deal. Strategy Throughout the process, the Matthews™ agent maintained constant communication between both parties, ensuring every challenge was proactively addressed and communicated. By continuously reaffirming commitment from both buyer and seller, momentum remained intact despite recent setbacks. After the initial lender withdrew, the agent negotiated revised deal terms that kept the transaction alive while the buyer pursued alternative financing. When the second financing issue surfaced just one week before closing, the Matthews™ agent identified a creative solution by structuring short-term seller financing for 75 days, allowing the buyer additional time to secure permanent financing post-closing. This strategic adjustment required careful negotiation and alignment between all parties, ultimately preserving trust and preventing the transaction from collapsing late in escrow. Result Matthews™ successfully closed the transaction within days of finalizing the seller-financing structure, delivering a strong outcome for both parties. The seller achieved one of the highest price per unit sales ever recorded in Clifton while exiting management responsibilities ahead of retirement. The buyer acquired a well-positioned asset at a 6.6% cap rate in a growing rental market where they already maintained a strong local presence. Despite multiple financing collapses, lender complications, and timing challenges over the eight-month escrow period, Matthews™ successfully guided the transaction to closing through creative problem-solving, persistence, and consistent communication that kept both sides fully engaged until completion.

David Ferber, CPA

Senior Vice President & Director

5/22/26

How Matthews™ Valued a Distressed, Rent-Stabilized Building for an 8.9% Return on Cost

13% Cap Rate or 8.9% Return on Cost? Valuing Distressed, Rent-Stabilized Buildings Over the past 18 months, we have helped owners, lenders, and special servicers underwrite hundreds of distressed rent-stabilized buildings. The two questions I inevitably receive are: What are cap rates for this asset type? Is there even a buyer? The second question is relatively straightforward. Yes, there is always a buyer when an opportunity is properly presented and priced accordingly. The cap rate question, however, is far more difficult to answer. In reality, I am not convinced we are in a cap rate market anymore. Cap rates are typically applied to properties that are cash flowing at or near market levels, producing consistent, predictable income that can be measured at year one of an investment. The applied cap rate will adjust up or down depending on risk and upside potential. Most rent-stabilized buildings being marketed today do not meet this standard. So how do we establish value based on cash flow? Understand how these buildings truly operate. Know what operating expenses investors apply and what NOI the building will realistically produce once maximum rents have been established. No two buyers will arrive at the same NOI, but there are standard principles they will follow. Not every building will stabilize at a 3% vacancy and credit loss. Certain neighborhoods and building profiles will naturally experience higher turnover or collection challenges. Be accurate on operating expenses and realistic, not optimistic, on maximum collection rates. Know what it will cost a buyer to get there, and how long it will take. If a building is operating at 50% collections, it may take 12 to 18 months to reach stabilized occupancy. Buyers will price that lost rent as a capital expense, and it will come out of what they are willing to pay. Physical costs are real and will be underwritten. Violations, roof repairs, mechanical upgrades, compliance costs, and facade work are capital expenses a new buyer must absorb to maximize and stabilize NOI. A qualified expeditor can project these costs in advance. You may choose to resolve the lower-cost items before sale, but understand that any deferred expense will likely be reflected in the purchase price. Return on Cost is not the same as a cap rate. Navigating all of the above requires meaningful effort and carries considerably more risk than acquiring a stabilized asset. A reasonable cap rate for a clean, cash-flowing building might be 7%, but what return would an investor require to take on all of these challenges? Light execution risk might warrant 8%; a heavy value-add scenario could demand 10 to 12%. That return on total cost is what we calculate and apply following a thorough property audit. Here is a recent example that illustrates this concept clearly: The optimistic stabilized NOI was projected at $190,000. This is how brokers may represent an NOI on a setup. Buyers, however, underwrote to $160,000 after applying their own assumptions for credit loss, management, and maintenance. Collections were at 50% at the time of sale, with an estimated 12 to 18 months required to stabilize, representing approximately $100,000 in lost rent during that period. Violations, roof work, and general unit repairs were projected at $300,000. The property sold for $1,400,000, producing an all-in basis of $1,800,000 to achieve a stabilized NOI of $160,000 within 12 to 18 months. That equates to an 8.9% return on cost, which is exactly how the buyer underwrote it. From the outside, this deal might appear to be a 13% cap rate (optimistic NOI divided by sale price) or even a 10.5% cap rate (optimistic NOI divided by total basis). But the buyer underwrote it as an 8.9% return on cost, because that is what it is. How We Help You Prepare: Calculate a realistic NOI, not an optimistic one. Apply appropriate vacancy and credit loss for your submarket. Model the time required to maximize rents. Project the cost to remediate violations and complete necessary repairs. Understand what return on cost an investor will require. We complete 500+ property audits annually for our clients. If you would like an accurate and transparent analysis of your asset, please do not hesitate to reach out.

DJ Johnston

Executive Vice President

5/21/26

How Matthews™ Closed a Competitive Hotel Sale Amid Market Uncertainty

Matthews™ represented the successful sale of a Hampton-branded hotel in Gretna, Virginia, where ownership achieved a profitable exit following a full renovation and repositioning strategy. The asset attracted nine qualified offers and ultimately traded to a buyer completing a 1031 exchange while expanding into Hilton-branded hospitality ownership for the first time. The property’s strong operating performance, recent Forever Young PIP completion, and limited competitive hotel supply in the market helped drive significant investor interest throughout the process. Challenge The Matthews™ agent navigated several layers of complexity tied to timing, financing, and broader market uncertainty. The buyer faced strict 1031 exchange deadlines and required franchise approval to proceed confidently, while financing became increasingly sensitive after geopolitical tensions involving Iran escalated just days before final loan committee review. In addition, the agreed-upon pricing and RRM multiple pushed valuation expectations in the market, adding pressure during the appraisal and lending stages. Strategy Leveraging Matthews’™ hospitality relationships and targeted outreach to active Hampton and Fairfield investors, the marketing campaign generated strong engagement from qualified buyers seeking stable, branded hotel opportunities. The selected buyer demonstrated conviction early by identifying the asset before the expiration of its 45-day exchange identification period, supplying proof of exchange funds, and initiating the change-of-ownership PIP process before the PSA stage. Throughout financing, Matthews™ played an active role in supporting valuation by coordinating on-site visits for both the appraiser and lender while supplying market comparables that reinforced the property’s operating strength and long-term positioning. Result The transaction closed successfully despite late-stage market volatility, allowing the seller to monetize the value created through the renovation strategy and transition out of the partnership structure. For the buyer, the acquisition satisfied a critical 1031 exchange requirement while adding a high-performing Hilton asset to an expanding hospitality portfolio. With minimal anticipated operational disruption and no incoming hotel supply in the surrounding market, the property was well-positioned to remain a leader within its competitive set immediately following the sale.

Mitchell Glasson

First Vice President

5/21/26

How Matthews™ Repositioned Seminole Orange Plaza to Attract Long-Term Investment Demand

Matthews™ successfully facilitated the sale of Seminole Orange Plaza in Loxahatchee, Florida, despite multiple complications involving tenant rent scrutiny, deferred maintenance, and an impending loan maturity. By carefully managing buyer concerns and maintaining momentum throughout escrow, the transaction reached a successful closing while preserving strong pricing for the seller. Challenge Investor hesitation emerged early due to Walgreens’ above-market rental structure and the long series of one-year renewal options attached to the lease. During due diligence, additional complications surfaced when inspections uncovered substantial deferred maintenance issues affecting both the roof and several tenant suites. At the same time, the seller faced mounting pressure to close quickly before an upcoming loan maturity deadline, while buyers grew increasingly cautious about relying on post-closing repair commitments that could jeopardize their 1031 exchange timelines. Strategy To strengthen investor confidence, the Matthews™ agents focused on the center’s critical role within the surrounding community, emphasizing that the property and neighboring Publix anchor the primary retail corridor serving the greater Loxahatchee area. Rather than positioning the deal solely around current rents, the agents highlighted the long-term strength of the Walgreens tenancy, the stability of the income stream, and the area’s continued population growth. To resolve repair-related concerns without delaying closing, the Matthews™ agents implemented a tailored escrow holdback structure that protected the buyer while allowing the seller to complete maintenance obligations after the transaction closed. Result The transaction ultimately closed at 98% of the original asking price, demonstrating the Matthews™ agents’ ability to preserve value despite significant market objections. The seller successfully avoided complications tied to the maturing loan, while the buyer completed a seamless 1031 exchange into a stabilized retail investment with long-term upside. The escrow holdback arrangement also ensured deferred maintenance items were resolved efficiently, creating confidence on both sides of the transaction and allowing the deal to move forward without disruption.

Daniel Gonzalez

First Vice President & Associate Director

5/21/26

How Matthews™ Positioned a 7-Eleven in Tampa for a Premium Year-End Exit

Matthews™ facilitated the sale of a 7-Eleven property in Tampa, Florida, overcoming market timing challenges and premium pricing expectations. Through strategic positioning and targeted investor outreach, the transaction ultimately attracted a competitive pool of buyers and achieved a near full-price closing. Challenge The primary challenge involved achieving above-market pricing on an asset that had already been acquired aggressively by the seller. Early marketing efforts also faced timing difficulties, as the property launched mid-year rather than during the final quarter when 1031 exchange and bonus depreciation buyers are typically most active. In addition, the Matthews™ agents needed to justify the premium valuation in a market highly sensitive to cap rate fluctuations and pricing compression. Strategy The Matthews™ agents reframed the opportunity by focusing on the property’s long-term intrinsic value and tax advantages rather than solely on yield. The marketing strategy highlighted the return of bonus depreciation and the ability for buyers to utilize accelerated depreciation against other real estate income. The agents also emphasized the property’s below-market rent structure for a near-new 7-Eleven building, positioning the asset as a secure long-term investment with strong residual value. Leveraging their Tampa market expertise, the Matthews™ agents generated consistent interest throughout the year and built momentum leading into year-end demand. Result Ultimately, the agents successfully generated a competitive bidding environment as year-end tax deadlines approached, generating multiple offers from motivated investors. The property sold to an all-cash 1031 exchange buyer who recognized the value of the tax benefits and long-term real estate fundamentals. This transaction closed near the original asking price, delivering the premium execution the seller required while ensuring a smooth and certain closing process.

Daniel Gonzalez

First Vice President & Associate Director

5/21/26

How Matthews™ Completed a $3.9M Transaction Through Strategic Buyer Positioning

Matthews™ successfully facilitated the sale of 6915 E 3rd St in Scottsdale, Arizona for $3,900,000, after strategically positioning the property to capitalize on strong, early-year investor demand. Prior to launching the listing in January, the Matthews™ agents worked closely with the seller to determine the ideal timing to bring the asset to market, advising that the beginning of the year historically generates heightened buyer activity. That guidance proved effective, as the property generated nine offers within the first 30 days of marketing and ultimately closed above the initial contract price, despite an unexpected setback during escrow. Challenge After receiving multiple offers shortly after launch, the property initially went under contract with a 1031 exchange buyer at $3,850,000. During the buyer’s inspection process, however, a small issue was uncovered that caused them to terminate the transaction. Losing a qualified buyer after entering escrow created uncertainty and required the property to be repositioned quickly without losing market momentum. In addition, the seller needed flexibility on timing in order to identify a suitable 1031 exchange replacement property, adding another layer of complexity to the transaction structure and closing timeline. Strategy The Matthews™ agents immediately relaunched the property to the market while leveraging third-party marketing channels to maintain exposure and buyer engagement. Their approach generated renewed interest almost immediately, resulting in two additional offers within five days which both exceeded the previous contract price. Through continued outreach and strategic buyer targeting, the agents identified an all-cash “1033” exchange buyer willing to close within a matter of weeks. A 1033 exchange allows buyers impacted by eminent domain to operate within a three-year exchange window rather than the traditional 45-day identification period. This gave the buyer a unique combination of flexibility and certainty throughout the transaction. At the same time, the agents coordinated closely throughout escrow to help identify the seller’s 1031 exchange upleg property, allowing the seller to meet exchange requirements while preserving the transaction timeline. Result By maintaining aggressive market exposure, adapting quickly after the original contract termination, and identifying a highly motivated exchange buyer, Matthews™ successfully closed the transaction at $3,900,000. Despite complications during the first escrow, the Matthews™ agents preserved competitive momentum and secured more robust pricing. Concurrently, they guided the seller through both the disposition and exchange identification process to achieve a successful outcome.

Kyle Inman

Associate Vice President

5/21/26

How Matthews™ Created Competitive Momentum to Close a Valvoline at Full List Price

Matthews™ facilitated the sale of a Valvoline property in Columbia, South Carolina, overcoming investor concerns surrounding the absence of store sales reporting. Despite early pricing pressure and a disrupted escrow process, the transaction ultimately secured a strong all-cash buyer at full list price. Challenge The transaction faced several obstacles common within the QSR and automotive retail sector. Because the tenant did not report store sales, some investors questioned the strength of the location and attempted to negotiate below market pricing. The process became more challenging when the original buyer exited escrow to pursue another exchange opportunity, requiring the agents to quickly re-engage backup buyers without sacrificing deal momentum or pricing leverage. Strategy The Matthews™ agents shifted the investment narrative toward the long-term strength of the real estate and surrounding infrastructure growth. The agents emphasized a major road expansion project directly in front of the property, highlighting the potential for increased traffic and future demand. To offset the lack of sales reporting, the marketing strategy focused on the tenant’s history of multiple lease extensions at the site as evidence of long-term operational success. After the initial buyer withdrew, the Matthews™ agents leveraged competitive urgency by re-engaging a previous bidder who was motivated not to lose the opportunity a second time. Result Through strategic deal management and competitive positioning, the Matthews™ agents successfully secured a full list price offer from the returning buyer. The transaction closed as an all-cash sale with an expedited timeline, eliminating financing contingencies and providing certainty through closing. The successful outcome demonstrated the Matthews™ agents’ ability to overcome limited tenant reporting by emphasizing market fundamentals, infrastructure growth, and buyer competition.

Daniel Gonzalez

First Vice President & Associate Director

5/20/26

How Matthews™ Transformed a Dark Retail Asset into a Strategic Investment Opportunity

Matthews™ facilitated the sale of the Dark Family Dollar property in Clearwater, Florida, navigating the challenges associated with a vacant retail asset backed by an active corporate lease guarantee. Despite the store going dark shortly after hitting the market, the transaction attracted an out-of-market investor seeking long-term redevelopment potential supported by remaining lease income. Challenge The transaction faced several significant hurdles that altered the property’s risk profile during the deal process. The Family Dollar location became vacant immediately after listing, creating investor concerns around owning a non-operating retail asset and making financing more difficult, as lenders are often cautious with dark properties. Additional complications arose when Dollar Tree and Family Dollar underwent a corporate rebranding initiative during escrow, raising concerns about the continuity of the underlying credit guarantee and the property’s financeability. Strategy Matthews™ repositioned the opportunity by emphasizing the strength of the underlying real estate and remaining corporate-backed cash flow rather than the temporary vacancy. The agents highlighted the property’s prime Highway 19 location in Clearwater and marketed the building as a strong adaptive reuse opportunity with long-term redevelopment potential. The strategy focused on targeting sophisticated out-of-market investors while confirming the Dollar Tree corporate guarantee remained intact throughout the rebranding process to preserve lender confidence. Result Through persistent marketing and strategic buyer outreach, Matthews™ successfully closed the transaction with a New York-based investor aligned with the property’s long-term vision. The deal achieved strong pricing relative to the risks associated with the dark store status while remaining financeable due to the preserved investment-grade guarantee. The seller successfully disposed of a challenging asset, while the buyer secured a high-growth location with immediate cash f low and future redevelopment upside.

Daniel Gonzalez

First Vice President & Associate Director

5/20/26

How Matthews™ Navigated a Complex Healthcare Sale to Deliver a Timely Exit and 1031 Exchange Solution

Matthews™ agents successfully facilitated the sale of Atlanta Heart Specialists in Tucker, GA, completing a notable healthcare real estate transaction in the Atlanta MSA. The acquisition allowed the buyer to satisfy a significant portion of a 1031 exchange while securing a high-quality asset in a familiar and highly valued market. On the disposition side, the seller capitalized on favorable timing, executing a key step in a broader long-term exit strategy shortly after a prior practice sale. The transaction included representation from a buyer’s broker and closed with the first buyer under contract, ahead of schedule. Challenge The deal presented several complexities tied to the nature of healthcare real estate and ownership transition. The property had been operated by an owner-user for decades, resulting in deeply ingrained processes and management structures that required careful unwinding and transition to third-party ownership. The shift from in-house management to an external property management model introduced operational challenges, requiring multiple rounds of coordination and clarification. Additional layers included navigating healthcare-specific financials, organizational structures influenced by private equity, and aligning expectations across all parties involved. Strategy To address the intricacies of the transaction, the agents applied their specialized expertise in healthcare real estate. Prior experience with the asset and historical familiarity with ownership dynamics helped build trust and streamline negotiations. A detailed understanding of practice-related financials, lease structures, and post-sale considerations enabled proactive problem-solving throughout the process. Consistent communication and a disciplined, detail-oriented approach ensured alignment between all stakeholders, including the buyer’s broker. Market knowledge and transaction experience in the Atlanta MSA further supported efficient execution, ultimately driving the deal to close ahead of schedule. Result The transaction ultimately closed ahead of schedule with the first buyer under contract, achieving a seamless ownership transition despite operational complexities. The seller realized a value exceeding expectations and successfully executed a critical step in a long-term exit strategy, while the buyer accomplished key investment objectives by securing a healthcare asset in a targeted market and fulfilling a substantial portion of a 1031 exchange. This outcome highlights the Matthews™ agents’ ability to navigate complex healthcare transactions, align diverse stakeholder goals, and deliver efficient, results-driven execution through deep product specialization and market expertise.

Ryan Burke

First Vice President & Associate Director

5/11/26

How Matthews™ Executed a 99-Year Ground Lease in Brooklyn

We are pleased to announce the execution of a ground lease for 401 Bushwick Avenue, a development site located in East Williamsburg, Brooklyn. The site consists of a 14,795-square-foot mixed-use assemblage in an R6 zoning district, offering a 3.0 FAR (wide avenue), or 44,400 buildable square feet “as of right.” The corner-lot features 240 feet of wraparound frontage on Bushwick Avenue and Varet Street. It is conveniently located between the Montrose and Morgan Avenue L trains and surrounding by significant public and commercial developments. The 99-year ground lease implies a land value of $12,000,000, or $270 per buildable square foot (BSF). The terms of the lease remain confidential. Seller Profile A generational Brooklyn family with experience in real estate investing but not structured for ground up development. Buyer Profile The developer is a Brooklyn-based, vertically integrated firm with 20 years of experience building mid-size residential projects. They have a proven track record of successful ground leases and specialize in this type of transaction. The Challenge The seller had considered selling in the past, but as a generational family, they were reluctant to pursue a 1031 exchange or pay capital gains taxes on a sale. While ground leases can create long-term cash f low, they carry inherent risks early in the development process, making it critical to select a dependable developer. The Solution We interviewed several developers with a strong track record of delivering residential projects in Brooklyn who also demonstrated the capability and willingness to negotiate a multigenerational lease agreement. These two factors, though distinct, are equally crucial to the success of this type of transaction. Key considerations for negotiating a ground lease include: Attorneys Hiring the right attorney is essential. This is not an average contract negotiation but a 100-year agreement that future generations will rely on for guidance. You need an attorney experienced specifically in ground leases and willing to prioritize negotiations. Base Rent This is the primary term to address and is typically perceived as 5-6% of the underlying land value. Sellers should compare this to the return they would achieve by selling and reinvesting through a 1031 exchange. Abatement Period This refers to a period of free rent while the developer prepares the site for construction. Typical periods range from 12-24 months, although this is negotiable. Sellers may offer a longer abatement period in exchange for higher base rent. Guarantees Developers often provide deposits and personal guarantees to ensure the project is completed on time. A ground lease gains significantly more value when the collateral is improved, making it imperative to work with a developer who can deliver a quality project on schedule. Escalations The difference between a 2% annual increase and a 10% increase every five years is significant over a 100-year term. Knowing how your increases compound over time is imperative. Market Resets The most controversial and critical component of a ground lease. These resets typically occur every 25 years and protect both parties from significant market fluctuations. Common approaches include tying resets to CPI while capping upside/downside or linking them to a percentage of the building’s gross income. Future Lender Requirements Much of the lease terms need to keep in mind the financing environment. When the developer looks to refinance under your ground lease, will the bank understand and be able to confidently underwrite against those terms. Credibility Ground leases are not Joint Ventures, nor are they outright sales. Like any lender / landlord / developer relationship, there is an element of a partnership and credibility that is paramount. You may occasionally call on the developer, and they may call on you. It is important to work with someone experienced and trustworthy, and who you can see eye to eye. Outcome We ultimately selected a developer we have executed with in the past. Their experience in both building these types of buildings and their understanding of the ground lease structure made them a clear candidate for this type of project. After several face-to-face interviews, the owner felt confident this was the developer they wanted building on their family’s land.

DJ Johnston

Executive Vice President

5/5/26

How Matthews™ Maximized Value on a Challenging Circle K Asset in Chattanooga, TN

Matthews™ facilitated the sale of a 2,640-square-foot Circle K property in Chattanooga, Tennessee, achieving a final price of $1,777,000. Owned by a private client through a trust, the asset was brought to market with limited lease term remaining and the tenant actively trying to assign their lease to a new operator, creating a complex disposition scenario. Challenge This transaction presented notable headwinds from the outset. Underwhelming store sales, combined with Circle K’s efforts to assign the lease, introduced significant uncertainty around future tenancy. Lack of long-term stability made underwriting difficult for many prospective buyers, which reduced confidence and narrowed the pool of qualified interest. The seller’s goal to divest due to the short lease term added urgency and further complicated positioning in a cautious investment environment. Strategy The Matthews™ agent shifted the narrative away from operational performance and short-term tenancy concerns, instead emphasizing the intrinsic value of the real estate. By highlighting the property’s location within a strong retail corridor, along with its excellent visibility, access, and surrounding national tenants, the focus was redirected to long-term site fundamentals. Targeted outreach efforts were deployed to connect with investors capable of recognizing the asset’s underlying potential. This approach identified a buyer willing to evaluate the opportunity through a long-term lens, understanding the flexibility to reposition or re-tenant the site with a stronger operator in the future. Result Matthews™ successfully secured a buyer aligned with the asset’s long-term value proposition, closing the transaction at approximately 98% of the asking price. This outcome exceeded the seller’s expectations, particularly given the initial challenges tied to the assignment situation and lease uncertainty. The execution demonstrated an ability to reposition market perception, attract qualified demand, and deliver a competitive result in a constrained environment, ultimately achieving what the client initially viewed as unlikely. Client Testimonial We are immensely happy with the brilliant job Chase did in selling our Circle K in Chattanooga. Quite honestly, we don’t believe this deal would have come together without his expertise, dedication, and ability to quickly pivot when unexpected situations arose. We had interviewed other realtors from different firms, and selected Chase due to his insight into the unique nature of our listing, considerable experience in this market, and innate ability to affect positive outcomes in a less-than-favorable changing environment. There were several moving parts throughout the transaction, from coordinating with multiple parties to navigating significant, unforeseen challenges, Chase masterfully took everything in stride, handling each step seamlessly. He remained vigilant, staying proactive, communicating clearly, and ensuring nothing fell through the cracks, which gave us the utmost confidence during the process. Chase was able to masterfully position the asset effectively and drive strong interest, ultimately allowing us to close at a very competitive price. Without reservation, we wholeheartedly recommend Chase to anyone looking to sell a net lease asset and would absolutely work with him again.

Chase Cameron

Associate Vice President

4/28/26

How Matthews™ Navigated Lease Complexity to Deliver a Timely Circle K Portfolio Sale

Matthews™ completed the sale of the Circle K Portfolio in Indiana, consisting of three buildings, for $3,125,000. The portfolio, owned by a private client, required careful execution due to structural complexities within the leases and strict timing constraints tied to the seller’s broader investment strategy. Challenge Each property in the portfolio included tenant purchase options embedded within the leases, creating a layered and nuanced transaction. These provisions directly impacted valuation, lender confidence, and overall deal structure, as both buyers and lenders needed to evaluate the likelihood of the tenant exercising those options and the effect on long-term returns. At the same time, the seller was operating within the rigid timeline of a Reverse 1031 Exchange, making certainty of execution critical. Balancing lender scrutiny, buyer diligence, and the seller’s urgency required precise coordination and proactive problem-solving. Strategy The Matthews™ agent took a hands-on approach to aligning all parties early in the process. Clear communication was established between buyer, seller, and lender to address questions surrounding lease language and the implications of the purchase options. Leveraging prior experience with Circle K assets and gas station transactions, the agent provided relevant sales comparables and facilitated direct conversations with the lender to build confidence in the underwriting process. This proactive approach ensured concerns were addressed upfront and prevented delays that could have jeopardized the seller’s exchange timeline. Result The transaction closed successfully at $3,125,000, over $200,000 above the asking price, meeting the seller’s timing requirements and preserving deal momentum despite structural complexities. The buyer was able to expand an existing portfolio of gas stations across Indiana, while the seller completed the reverse exchange within the required timeframe. Execution highlighted the value of specialized market knowledge and the ability to guide all parties through a highly detailed transaction, resulting in a smooth and successful outcome.

Chase Cameron

Associate Vice President

4/28/26

How Matthews™ Delivered a Landmark Medical Portfolio Sale-Leaseback in Record Time

Matthews™ facilitated the sale-leaseback of the Legacy Brain & Spine Portfolio, a nine-property medical office portfolio located throughout Atlanta, Georgia. The seller, partnered with Matthews™ to bring the portfolio to market and ultimately transact with a strategic buyer seeking to expand its healthcare real estate holdings. The transaction allowed the seller to receive a considerable value, while maintaining a long-term net lease structure. Challenge The transaction presented multiple layers of complexity. The portfolio consisted of several geographically dispersed assets, each with unique operational dynamics, including surgery centers, subtenants, and healthcare-specific requirements. Title work across multiple properties added further complication, which the Matthews™ agents ultimately resolved in a timely manner by leveraging their expertise in the sector. Additionally, executing a portfolio sale of this scale within an accelerated timeline required careful coordination and precision. The healthcare nature of the assets introduced another challenge, as both buyer and seller needed to align on operational considerations tied to clinical use. Strategy The Matthews™ agents sourced the opportunity through proactive outreach, securing the listing via direct cold calling. Leveraging deep expertise in healthcare sale-leaseback transactions, the agents positioned the portfolio to a national audience, emphasizing the strength of the operator and the quality of the real estate. The process focused on identifying a buyer capable of navigating the operational and structural nuances of a multi-asset healthcare portfolio. Through consistent communication, detailed guidance, and a hands-on approach, the agents coordinated communication between the buyer and seller while addressing complexities related to surgery center operations and tenant structures. The marketing strategy and broad reach enabled sourcing a qualified buyer directly, ensuring control over the transaction process and timeline. Result The portfolio successfully closed in under 45 days; an exceptional outcome given the scale and intricacy of the assets. The seller capitalized on favorable market timing, monetizing a portfolio built over years while securing a long-term lease structure to continue operations. The buyer acquired a significant healthcare portfolio in a single transaction, strengthening their investment platform with assets backed by a credible operator. The transaction stands as one of the largest privately owned medical office sale-leaseback portfolios in the Atlanta metro. This deal was completed efficiently with minimal disruption due to strong preparation, strategic execution, and Matthews’™ specialization in healthcare real estate.

Ryan Burke

First Vice President & Associate Director

4/27/26

How Matthews’™ Strategic Positioning Led to the Rapid Disposition of a 3-Property Retail Portfolio in Arkansas

A three-property portfolio of Family Dollar assets located throughout Arkansas was brought to market under urgent circumstances, requiring a swift and strategic disposition. The Matthews™ agents were engaged to facilitate the sale, aligning pricing, buyer targeting, and execution speed to meet the developer’s immediate liquidity needs while navigating evolving market conditions. Challenge The assignment involved a three-property portfolio of Family Dollar assets located throughout Arkansas. The developer faced a pressing need for immediate liquidity to pay off existing debt, requiring a swift and certain execution. However, the timing of the sale presented a significant hurdle. Just as the properties were brought to market, Dollar Tree announced the divestiture of the Family Dollar brand. This shift meant the lease guarantees were no longer backed by Dollar Tree’s investment-grade credit, but rather by Family Dollar’s private credit. This change in credit quality intimidated many traditional net-lease investors and fundamentally altered the exit expectations and valuation of the assets. Strategy Recognizing that the credit downgrade would be the primary concern for the market, the agents developed a strategy focused on aggressive pricing and transparent market education. They advised the client to price the portfolio competitively, factoring in the shift from investment-grade to private credit to ensure the properties stood out in a crowded market. While the developer was initially hesitant about the adjusted valuation, real-time market data was used to demonstrate that this was the only viable path to achieving the client’s goal of a rapid closing. By leveraging a reputation as specialists in the dollar store sector, which led to the initial referral from an outside broker, the Matthews™ agents instilled confidence in the pricing strategy. Result By utilizing the Matthews™ specialized marketing platform and deep database of private equity and 1031 exchange buyers, the agents identified one of the few active buyers specifically seeking higher-yield opportunities in the dollar store space. The strategy proved successful as the entire three-property portfolio was sold to a single buyer. This consolidated sale streamlined the closing process and met the developer’s urgent timeline for liquidity. Despite the credit challenges, the Matthews™ agents facilitated a successful exit that satisfied the client’s debt obligations and demonstrated the effectiveness of market-driven pricing.

Daniel Gonzalez

First Vice President & Associate Director

4/20/26

How Matthews™ Used Strategic Value-Add Positioning to Deliver 98% of List Price for a Multi-Tenant Retail Center

Knightboxx Village, a 21,450-square-foot shopping center in Jacksonville, Florida, featuring an adjacent Walgreens, was brought to market for $6,650,000 following the execution of a completed value-add strategy by ownership. The Matthews™ agent was engaged to facilitate the disposition, positioning the asset to attract buyers who could recognize both its in-place performance and its future upside potential, while enabling the seller to redeploy capital into assets closer to home. Challenge This asset presented a complex narrative for potential investors. The owners had already executed their initial value-add business plan and were looking to liquidate to reinvest in assets closer to home. However, the timing of the sale coincided with Walgreens transitioning to private credit, losing its investment-grade status. This shift created significant market trepidation regarding the long-term viability of the anchor tenant. Furthermore, the property featured a mix of legacy gross leases and below-market rents, requiring a buyer who could look past the immediate credit concerns to see the underlying real estate value. Strategy To overcome investor hesitation, the Matthews™ agent reframed the Walgreens credit situation as a significant “hidden” value-add opportunity rather than a risk. By highlighting that Walgreens was paying just $14.00 per square foot, well below the market average of $22.00 to $30.00 per square foot, the agent positioned a potential vacancy as a lucrative redevelopment or re-tenanting play that would substantially increase the property’s basis. Simultaneously, the Matthews™ agent emphasized the immediate upside within the strip center. The strategy focused on the Net Operating Income (NOI) growth potential through converting remaining legacy gross leases to triple net (NNN) and marking expiring below-market rents to current market rates. By creating a competitive bidding environment that targeted high-intent capital, the Matthews™ agent identified a buyer who valued long-term intrinsic real estate over short-term credit fluctuations. Result The marketing campaign successfully generated a highly competitive process, ultimately securing a 1031 exchange buyer group out of New York and California. This buyer recognized the long-term security of the location and the substantial upside in the rent roll. The Matthews™ agent facilitated a smooth transaction, closing the deal at 98% of the list price. The sale allowed the owners to successfully exit their position after maximizing their phase of the project, while the buyer secured a high-performing asset with multiple avenues for future revenue growth.

Daniel Gonzalez

First Vice President & Associate Director

4/20/26

How Matthews’™ Full-Lifecycle Execution Delivers 96% of List Price for 7 Brew Ground Lease

The 7 Brew project in Gainesville, Florida, represented a complex, multi-phase investment spanning nearly three years from inception to completion. The site, an underutilized parcel located less than a mile from the University of Florida and directly across from UF Health Shands Hospital, had previously failed to transact due to pricing challenges. Through strategic positioning, the Matthews™ agents facilitated the land sale, supported development execution, and ultimately guided the asset to a successful disposition despite evolving market conditions. Challenge The project encountered significant obstacles throughout its lifecycle. An extensive 18-month municipal entitlement process, coupled with construction delays, postponed the opening by four months, creating hesitation among investors who preferred stabilized, operating assets. Simultaneously, shifts in the 7 Brew corporate model toward lower-rent ground leases introduced pricing inconsistencies, making the subject property’s higher build-to-suit rent appear misaligned with newer market offerings. These factors contributed to investor uncertainty and increased scrutiny during the marketing phase. Strategy The Matthews™ agents leveraged comprehensive, start-to-finish knowledge of the asset to reframe the investment narrative and address buyer concerns. Rather than focusing solely on rent comparisons, the strategy emphasized the superior lease structure, a 20-year absolute NNN lease with rare annual rent increases, offering a stronger hedge against inflation than typical 15-year leases with five-year bumps. Additionally, the financial strength of the franchisee, one of the largest 7 Brew operators in the country, was highlighted to reinforce income security. Drawing on established relationships, the Matthews™ agents also identified a qualified 1031 exchange buyer, enabling a seamless capital transition into a high-profile location. Result Despite prolonged development timelines and shifting tenant trends, the agents successfully executed the disposition at 96% of the asking price to an all-cash 1031 exchange buyer. The transaction delivered a fully stabilized, long-term investment asset while meeting the developer’s exit objectives. The outcome underscores Matthews™ agents’ ability to navigate entitlement challenges, adapt to evolving tenant models, and create certainty in complex net-lease transactions.

Daniel Gonzalez

First Vice President & Associate Director

4/20/26