Atlanta, GA – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate firm, announces the portfolio sale of three Food Lion anchored assets in West Virginia for $17.3M. Atlanta based Regional Director and Grocery Anchored Specialist, Johnny Blue Craig, represented the seller and sourced the buyer. According to CoStar, the closing is the largest grocery-anchored transaction in West Virginia this year (2020) in terms of both overall price-point and square footage.
Food Lion, based in Salisbury, N.C., since 1957, has more than 1,000 stores in 10 Southeastern and Mid-Atlantic states and employs more than 63,000 associates. By leveraging its longstanding heritage of low prices and convenient locations, Food Lion aims to own the easiest full shop grocery experience in the Southeast. The portfolio boasts a 99% occupancy rate with 87% of tenants being national credit retailers. The ±165,954 square foot portfolio sold for $104 per square foot.
“We are proud to have achieved a very aggressive price for a grocery-anchored portfolio in West Virginia with less than 5-years of lease term remaining on the anchors,” said Regional Director Johnny Craig. “I want to thank both the Buyer, Victory Real Estate Investments, and the seller, The Huguely Companies for their efforts on this transaction. Both parties were a pleasure to work with and it took a team effort to successfully navigate COVID-19 and close at the contract price.”
The seller of the Food Lion anchored portfolio was a first-generation owner who had owned the assets for almost three decades. The buyer wanted to add three grocery-anchored centers to their portfolio, which contains over 50 grocery-anchored assets. The Food Lion locations are top performers, making the acquisition an attractive addition to the buyer’s portfolio.
Matthews has sold 12+ grocery-anchored and shadow-anchored assets within the past 12 months. For more information regarding the Food Lion portfolio sale or if you have any other questions related to grocery-anchored shopping centers, please do not hesitate to reach out to Johnny Blue Craig. To view current listings, please visit www.matthews.com.
About Matthews REIS™
Matthews Real Estate Investments Services™, the nation’s fastest-growing commercial real estate brokerage firm, holds recognition as an industry leader in investment sales and leasing. Headquartered in El Segundo, CA, and strategically positioned with over 200 agents and 50 support staff in 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. The Atlanta office is led by Johnny Blue Craig and located at 3060 Peachtree Road NW., Suite 1450 Atlanta, GA 30305. For more information, please visit www.matthews.com.