Client Success

How Matthews™ Maximized Value Through the Sale and Redevelopment of a Dark CVS Property

Matthews™ facilitated the $3.8 million sale of a 13,031-square-foot former CVS property located at 1899 North Highland Avenue. The Matthews™ agents represented both parties in the transaction, creating a solution that aligned the objectives of each side. Despite the property being a dark location with eight years remaining on the lease, the agents positioned the asset around its remaining income stream and long-term redevelopment potential. The transaction ultimately delivered value for both clients while supporting future investment in the surrounding community. Challenge The property presented several complexities that required careful coordination by the agent. The tenant had already vacated the building while remaining obligated under the lease, creating questions around future value and repositioning. Additional environmental considerations required thorough due diligence, and the property’s location as an outparcel to a shopping center introduced additional coordination with neighboring ownership. The seller also sought to complete a 1031 exchange while minimizing the loss relative to the original acquisition price. Strategy The Matthews™ agents maintained frequent communication with the Fortune 100 tenant throughout the transaction to verify lease obligations and property status. Multiple site visits were conducted to confirm key building systems, including HVAC functionality, helping preserve confidence in the asset’s condition for future redevelopment. The agent also worked closely with the shopping center ownership to address issues affecting the outparcel and keep the transaction on schedule. Matthews’™ marketing resources, transaction support, and proprietary database generated qualified interest and helped navigate the deal through closing. Result The transaction produced a successful outcome for both parties. The seller completed the desired 1031 exchange while preserving significant value, and the buyer acquired an income-producing asset with the opportunity to redevelop the property for a new corporate tenant after benefiting from the remaining NNN lease term. The redevelopment is expected to strengthen both the shopping center and the surrounding neighborhood. Following the closing, the client recognized the Matthews™ agents as “drugstore gurus” and stated that the transaction would not have been possible without their expertise and execution.

Princeton Douglass

Associate

7/2/26

How Matthews™ Unlocked LifeCo Capital for a Small-Market Hotel

Opportunity Matthews™ Capital Markets was engaged to secure competitive financing for a Hampton Inn & Suites located in Adairsville, GA. The borrower sought to refinance the property following a property improvement plan (PIP). The deal presented a unique set of structural hurdles including a small balance loan under $10 million and a tertiary market location well outside a Top 25 metro area. This is a profile that most Life Insurance Companies (LifeCos) are unwilling to entertain. The borrower’s priorities were clear: best-in-class pricing, ease of execution, flexible and non-restrictive terms, and low closings cost. This was in addition to the property still being in the process of restabilizing after its PIP. Strategy Recognizing that conventional LifeCos appetite for deals of this size and geography is limited, Matthews™ took a relationship-driven approach. Rather than a mass-market process, Vice President & Director, Luke Thompson, worked closely with a LifeCo correspondent partner to fully underwrite the story. This meant building a high-quality loan package that thoughtfully addressed the tertiary market dynamics and evaluated sponsorship in a way that gave the lender confidence in an asset outside their typical geographic comfort zone. A full competitive process was run to identify the best rate and loan structure that aligned with the borrower’s business plan, with a particular focus on eliminating friction at every stage of execution. Result The resulting LifeCo loan carried no origination fees, minimal recourse, and capped legal and closing costs under $10,000. There were no attorney opinion letters, zoning letters, restrictions, or covenants. This lean efficient structure was made possible through Matthews’™ in-house servicing platform and correspondent relationships. Matthews™ Capital Markets successfully closed the loan for the property, delivering the pricing, terms, and seamless execution the borrower required. This transaction demonstrates Matthews’™ ability to bring institutional LifeCo capital to small-balance, tertiary-market hotel assets, a segment routinely overlooked by most lenders. Beyond closing, Matthews™ continues to service the loan through its proprietary platform, providing the borrower with an ongoing relationship and streamlined asset management experience.

Luke Thompson

Vice President & Director

7/2/26

How Matthews™ Maximized Value for a Fully-Occupied Strip Center in the Atlanta MSA

The disposition of Arrowhead II Shopping Center, a 7,800-square-foot strip center located in Jonesboro, Georgia, required a targeted marketing process to complete the downleg of the seller’s 1031 exchange. With a total transaction value of $1,500,000, the assignment demanded a focus on generating qualified buyer interest and maximizing value. Opportunity Built in 1981 and positioned perpendicular to Tara Blvd, the property carried a sub-optimal visibility profile within an adverse retail trade area. Although the center demonstrated steady occupancy with a locally owned tenant mix, it required active management and entailed significant landlord responsibilities under gross lease structures. In-place rents were elevated relative to comparable market rates, and the prevalence of short-term leases ranging from one to three years increased rollover risk and created uncertainty around long-term income stability. Strategy Strategically positioning the property to emphasize its value-add upside, Matthews™ highlighted the opportunity to convert existing gross leases to NNN structures and mark rents to market upon lease expiration. By framing the asset around future income potential rather that its current lease profile, the agents attracted substantial competitive interest. The marketing campaign ultimately produced over 15 offers from 1031 exchange buyers, all-cash buyers, and value-add investors across local and out-of-state markets. Simultaneously, Matthews™ leveraged the firm’s national platform to identify an off-market NNN replacement asset to complete the seller’s upleg. Result Matthews™ directly sourced a local investor seeking a high-cash-flowing, stabilized asset in a familiar submarket. Closing at $1,500,000 and achieving a $192-per-square-foot exit with no price discounts, we successfully completed a full end-to-end 1031 exchange, with both the downleg and upleg closing within four days. The transaction not only maximized exit value but transitioned the seller into a more stable, passive investment better aligned with their long-term goals.

Jeff Enck

Senior Vice President

7/1/26

How Matthews™ Facilitated a Strategic 1031 Exchange from a 7-Eleven to a Higher-Yielding Sheetz Investment

Matthews™ represented the owner of a 7-Eleven in Kill Devil Hills, North Carolina, in the disposition of a long-held family asset while also facilitating the acquisition of a Sheetz in Willoughby, Ohio, as the client’s 1031 exchange replacement property. The Matthews™ agents also represented the buyer in the acquisition of the North Carolina asset, creating alignment throughout the transaction process. The transaction enabled both parties to achieve their investment objectives while maintaining a smooth and efficient closing timeline. The opportunity showcased the agent’s ability to coordinate a strategic disposition and acquisition within a compressed exchange period. Challenge The seller had owned the 7-Eleven property for decades and was seeking a reliable transaction experience after encountering challenges with previous brokerage relationships. The client’s primary objective was to dispose of the asset and complete a 1031 exchange into a property with a longer lease term, stronger annual income, and a more attractive yield profile for future generational ownership. At the same time, the buyer sought to acquire a high-quality convenience store asset that aligned with its portfolio strategy. While no significant transaction obstacles emerged, the agents remained focused on maintaining accountability and execution across all parties. Strategy The Matthews™ agents sourced the seller relationship through an Artemis call list and developed a strategy centered on clear communication, expectation management, and disciplined transaction oversight. Throughout escrow, the agents moderated timelines, coordinated responsibilities, and ensured all parties performed according to agreed-upon milestones. By representing both the seller and buyer in the 7-Eleven transaction, the agents were able to streamline communication and maintain momentum toward closing. Simultaneously, the agents identified and secured the Sheetz acquisition to satisfy the client’s 1031 exchange requirements. Result Matthews™ successfully helped the seller dispose of the 7-Eleven at a premium while leveraging favorable cap rate arbitrage to acquire a higher-yielding, long-term Sheetz investment. The agents also helped a trusted buyer expand its portfolio with another quality convenience store asset. Most notably, the agents completed the acquisition of the replacement property just two weeks after the sale of the 7-Eleven, significantly reducing the client’s downtime between rental income streams. The transaction achieved the client’s wealth preservation and growth objectives while positioning the portfolio for stronger long-term cash flow and generational ownership.

Anthony Karimian

Associate

6/26/26

How Matthews™ Corporate Advisory Advised on a Specialized Rural Manufacturing Sale-Leaseback in the Heart of Appalachia

A founder-led, sponsor-backed industrial processing business in the rural Mid-Atlantic held enterprise value trapped inside a ±360,000 SF specialized facility on ±40 acres. Following a recapitalization of the operating company, Matthews™ Corporate Advisory agents Aria Pournazarian, Brody Hess, Thiago Delia, and Adam Rose identified a value-creation opportunity the principals had not yet sized. Structuring a long-term NNN sale-leaseback that generated $14.5M in total proceeds, while reducing annual rent expense by approximately $500K (30%) at a below-conventional cost of capital. The Strategic Disconnect Following the partnership, the founders sought to evaluate an exit on the retained real estate leased back to the operating company. The operating company held a Tenant Purchase Option (“TPO”) on the underlying real estate but had no operational reason to exercise it. They had bought a business, not a real estate portfolio. Conventional thinking would have left it untouched. Matthews™ recognized that exercising the TPO and simultaneously recasting the asset for institutional capital through a sale-leaseback would unlock value no other capital event could generate. The founders’ retaining equity in the company meant both sides’ objectives aligned. Matthews™ engaged both parties early, aligning expectations before structuring the transaction. The cooperative founder-sponsor endeavor would involve a contractual strike and simultaneous restructuring of the existing lease to a long-term stabilized NNN format at a 30% lower rent captured the arbitrage between owner-occupied specialty real estate and cap rate driven stabilized real estate, while flowing rent savings directly to EBITDA and enterprise value. Real Estate Challenges On traditional real estate metrics, the asset carried the characteristics institutional capital typically avoids: Tertiary market location Highly specialized manufacturing improvements and infrastructure Limited alternative-use demand profile Significant perceived residual real estate risk The operating business, however, showed strong margins, durable cash flow, entrenched operations, and diversified end-market exposure across lumber, biomass, building materials, and related industrial applications, backed by experienced sponsorship. Execution & Party Outcomes The transaction sought to accomplish several objectives simultaneously: Sponsor: Exercised the TPO at the contractual strike and recast the asset as a sale-leaseback, generating $4.5M in working capital through cap rate arbitrage without compromising operational continuity or facility control. The TPO was converted into an Assignment for Consideration, eliminating short-term capital gains exposure sheltering post-close liquidity. Operating Business: Captured ~$500K in annual rent savings, flowing directly to EBITDA and increasing enterprise value for every shareholder. Long-term leaseback preserved the mission-critical real estate continuity the business depends on. Founder: Realized substantial liquidity on retained real estate while retaining meaningful operating company equity through the recap. Traded real estate rental income for higher-multiple operating company equity uplift, positioning a stronger second bite at the apple upon exit. Ability to redeploy equity into diversified holdings via 1031 Exchange. Overcame otherwise challenging real estate fundamentals and “as-is” lease economics with a “best case” scenario, Institutional Partner: Identified through Matthews™’ rigorous engagement process. Acquired a long-term stabilized lease backed by a sponsor-recapitalized business with durable cash flow, entrenched market position, and diversified end markets. Importantly, investor conviction was driven less by the zip code and more by the durability of the operating company. The transaction reflects a broader trend: sophisticated sale-leaseback investors increasingly underwrite the strength of the business and its cash flow rather than relying on traditional real estate metrics or primary market location dynamics alone. Broader Market Relevance For many lower middle-market manufacturing operators located in rural markets, substantial enterprise value remains embedded within company-owned real estate. Yet these assets are often underutilized from a capital allocation standpoint, particularly when traditional lenders underwrite them conservatively or ownership views them solely through an operational lens. A properly structured sale-leaseback can unlock that value, generating liquidity for growth initiatives, acquisitions, debt reduction, dividend recaptures and other shareholder objectives while allowing the business to maintain uninterrupted operations. The same principle extends beyond owner-occupied facilities. Sponsors and strategic acquirers frequently complete transactions that leave meaningful real estate optionality unaddressed, whether through retained properties, Tenant Purchase Options, Rights of First Offer, or other lease-related rights that become secondary considerations following a business acquisition. In many cases, these opportunities represent significant untapped value within the broader capital structure. Most importantly, this transaction reinforces a broader truth about today’s institutional sale-leaseback market. Investor conviction is driven less by geography and more by the strength, durability, and cash flow profile of the operating company. Sophisticated capital underwrites the business first and the real estate second. When combined with thoughtful lease structuring and strong sponsorship, even highly specialized facilities in tertiary markets can attract competitive institutional interest. This assignment demonstrates that facilities often perceived as challenging due to location, specialization, or market size can still command premium pricing when supported by strong operating fundamentals and a well-executed process. For operators and sponsors alike, the result can be a meaningful enhancement to liquidity, balance sheet flexibility, and overall enterprise value. Matthews™ Corporate Advisory advises operators, financial sponsors, and business owners on sale-leaseback execution, real estate monetization, and strategic capital solutions across the industrial sectors. We welcome confidential discussions regarding company-owned or acquirable real estate and its role within broader corporate and investment objectives.

Aria Pournazarian

Vice President

6/24/26

How Matthews™ Maximized Value Through a Competitive Sale of a Healthcare Real Estate Portfolio

Matthews™ facilitated the disposition of a healthcare real estate portfolio owned by physician investors following the sale of their practice. The Matthews™ agents executed a targeted marketing campaign designed to attract qualified institutional and private capital. Through a disciplined process, the asset was successfully sold to an institutional healthcare buyer that aligned with the ownership’s objectives. The transaction delivered premium market pricing while supporting the seller’s broader financial goals. Challenge The ownership sought to capitalize on significant appreciation in the value of its real estate while navigating a transaction that required confidentiality and a sophisticated buyer pool. The agents needed to create competitive tension without compromising the seller’s objectives. Achieving top-of-market pricing required identifying buyers capable of executing at a high level and within the desired timeline. The process also needed to position the asset favorably among multiple investor groups. Strategy The Matthews™ agents sourced buyers directly and implemented a competitive marketing process that generated interest from both institutional and private investors. By carefully managing the transaction from initial outreach through contract negotiations, the agents created meaningful competition among qualified bidders. This approach strengthened pricing and deal certainty while maintaining momentum throughout the process. They ultimately secured a transaction with the first buyer placed under contract, demonstrating the effectiveness of the strategy. Result The seller successfully exited the asset at top-of-market pricing and completed a transaction with a high-quality institutional healthcare buyer. In addition to maximizing value, the ownership was able to reinvest proceeds in a manner that helped defer certain tax obligations. The agents delivered a streamlined execution process and achieved a successful close without requiring a change in buyers during escrow. The outcome reinforced Matthews’™ ability to create competition, drive value, and execute complex healthcare real estate transactions efficiently.

Tyler Swade

Vice President & Director

6/23/26

How Matthews™ Repositioned a Former Bank Space to Drive New Retail Synergy

Matthews™ was engaged to lease 2,840 SF of ground-floor retail space within a 97-unit apartment building owned by SPI Holdings. The assignment centered around a large former Chase bank space that presented unique leasing challenges due to its size and physical limitations. Representing ownership exclusively, the Matthews™ agents focused on repositioning the vacancy to better align with current tenant demand trends. Through a strategic leasing approach, the agents successfully secured multiple retail users and restored leasing momentum at the property. Challenge The agents faced a limited pool of prospective tenants due to the oversized 2,840 SF footprint of the former bank branch. The inability to accommodate restaurant venting further narrowed the range of viable retail concepts, making traditional food users difficult to pursue. Ownership’s primary objective was to fill the vacancy as quickly as possible while preserving long-term value for the asset. They needed to identify a solution that increased marketability without compromising the property’s positioning. Strategy To broaden tenant demand, the Matthews™ agents proposed demising the former bank space into two smaller suites tailored toward active quick-service restaurant, wellness, and fitness-oriented users typically seeking spaces between 1,500 SF and 1,800 SF. The agents first secured Cotti Coffee for the endcap location, generating increased traffic and market visibility for the property. Simultaneously, nearby retail momentum created by the opening of Equinox and the redevelopment of Vons further strengthened tenant interest along the corridor. The Matthews™ agents also leveraged Matthews’™ shared database to maintain direct visibility into active tenants and tenant brokers pursuing expansion opportunities in the market. Result The repositioning strategy implemented by the Matthews™ agents significantly expanded tenant interest and accelerated leasing activity at the property. Following the successful lease execution with Cotti Coffee, the property experienced increased attention from a variety of retail and wellness users. The agents ultimately secured a hydration therapy tenant for the remaining in-line suite, validating the effectiveness of the revised leasing strategy. The outcome allowed ownership to rapidly reduce vacancy exposure while improving the overall retail merchandising and long-term value of the asset.

Michael Pakravan

Senior Vice President & National Director

6/22/26

How Matthews™ Secured a Rare, Off-Market IOS Acquisition in Colorado Springs, CO

Matthews™ facilitated the sale of a single-tenant net leased industrial outdoor storage (IOS) property located at 7925 and 7985 Industry Road in Colorado Springs, Colorado. This transaction involved a highly sought-after industrial outdoor storage (IOS) asset in one of the most competitive and supply-constrained segments of the industrial market. Properties offering extensive outdoor storage with low building-to-land coverage ratios have become increasingly difficult to identify and acquire, particularly in Colorado Springs. Securing an opportunity that met every aspect of their client’s acquisition criteria required the Matthews™ agents to take a proactive, off-market approach and swiftly execute before the asset was exposed to the broader marketplace. Strategy Matthews™ represented a repeat national IOS investor. Leveraging their extensive network within the industrial sector, the agents targeted low-coverage industrial properties situated along major transportation corridors. They sought assets that offered substantial usable yard space, strong functionality, and durable tenancy fundamentals. The agents’ efforts uncovered a unique opportunity consisting of a 24,000-square-foot industrial facility situated on a combined 6.07-acre site. With an exceptionally low 9% building coverage ratio, the vast majority of the property was dedicated to highly desirable paved yard area and covered fleet parking, an increasingly scarce feature in today’s market. Several key characteristics made this asset particularly attractive: Rare I-3 Heavy Industrial Zoning: This allows for a wide range of heavy industrial uses. The scarcity of this zoning code continues to drive strong demand and enhances the property’s long-term value. Long-Term Credit Tenancy: The property was fully leased to a global telecommunications company that has operated from the site for decades, providing stable occupancy, reliable cash flow, and a proven operating history. True Absolute NNN Lease Structure: The lease completely insulated ownership from operating expenses and capital obligations. In addition to property taxes, insurance, and utilities, the tenant was also responsible for all roof, structural, exterior maintenance, repair, and replacement costs. Long-Term Upside: Beyond the immediate stability, the existing tenant was paying below current market rates. This embedded long-term mark-to-market upside into the deal, providing our client with a clear path to substantially increase cash flow upon future lease renewal or restructuring. Result By effectively communicating the property’s unique combination of rare zoning, institutional-quality tenancy, stable cash flow, and long-term value creation potential, Matthews™ successfully guided the transaction from initial negotiations through closing. Through structuring the acquisition as an all-cash purchase, the agents were able to simplify the transaction and reduce potential hurdles along the way. This approach allowed the parties to avoid financing-related delays, streamline the due diligence process, and maintain momentum throughout escrow. The result was a successful off-market acquisition of a premier IOS asset that aligned perfectly with the client’s investment objectives while securing a highly desirable property before it ever reached the open market.

Spencer Mason

Vice President

6/5/26

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.

Chuck Evans

Market Leader

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