Matthews™ Brokers $8.4M Walgreens Sale in 1031 Exchange

Salt Lake City, UT – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed a 1031 Exchange with the purchase of a Walgreens located at 12623 S. Redwood Road, Riverton, UT. The transaction was handled by Associate Anthony Connell, Associate Preston Schwartz, Executive Vice President and Managing Director David Harrington, and Executive Vice President Chad Kurz.

 

Matthews™ represented the buyer, a private Matthews™ client, who was looking to exit the California market due to new legislation and the current political climate. The client also aimed to exit the multifamily sector and enter a more passive investment type, like net lease retail, through a 1031 Exchange. The buyer worked with Matthews™ to sell their multifamily asset in Orange County and exchange it into the Utah Walgreens property.

 

“Our client was a first-time net lease investor, during a period of outrageous demand for drugstores, which caused some challenges,” Connell said. “But by using our company’s connections and expertise we sourced the perfect up-leg and assisted our client through the investment process from start to finish.”

 

The seller, a past Matthews™ client, bought the drugstore property to profit from the high price points seen in the drugstore sector. The seller received a great price and an efficient close.

 

“We successfully managed every step of this sale for our client and the seller,” Harrington said. “We sourced an asset that fit the buyer’s criteria in a competitive market and successfully overcame all obstacles to exceed our client’s expectations.”

 

For more information or to contact Anthony Connell, Preston Schwartz, David Harrington, and Chad Kurz, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.