01 Jun 2018
Matthews Real Estate Investment Services™, a leading real estate investment firm, recently arranged the sale of McPherson Place for $6.1 million. The property, a 4-star retail strip center, is located on 1.62 acres of land at 10719 McPherson Road, in Laredo, Texas.
Matthews™ senior associates, Andrew Gross and Conrad Sarreal, along with SVP & National Director, Chad Kurz, represented the seller in the transaction. The seller, a private international client, was looking to relieve their management responsibilities of the property. By working with Matthews™, the seller received a record-breaking price per square foot in Texas for multi-tenant retail built before 2015 (according to CoStar).
Prior to the sale, the Matthews™ deal team helped the seller, an international private client, work through a complicated loan defeasance process. The deal team connected the seller with multiple experts and quotes to receive the most competitive rates and proper legal advice.
Utilizing Matthews™ technology and a shared database, Gross, Sarreal, and Kurz sourced a local Texas buyer. The buyer was motivated by the property’s strong national tenants such as Starbucks and AT&T, and the prime retail location surrounded by Walmart, Hobby Lobby, HEB, TJ Maxx and more.
The Matthews™ agents were able to provide value to the buyer by working directly with the lender to ensure a quick and seamless process. Not only did the deal close within 60 days of going on the market, but Matthews™ was able to achieve an 82% LTV rate for the buyer.
The deal team is currently working on a handful of off-market deals along with a newly developed strip center in the Atlanta MSA. If you have any questions relating to similar assets, please do not hesitate to reach out to Andrew Gross, Conrad Sarreal, and Chad Kurz.
About Matthews Real Estate Investment Services:
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in shopping center, STNL, multifamily, property management, portfolio disposition and 1031 exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com.