Cleveland, OH – Matthews Real Estate Investment Services™, the nation’s fastest-growing commercial real estate company, recently arranged the sale of a Lowe’s in Mason, OH for $17.9M. The transaction was brokered by Senior Vice President & Senior Director, Calvin Short, and Executive Vice President & Managing Director, Chad Kurz.
The property is located at 9380 Mason Montgomery Rd in Mason, OH. It is surrounded by retail tenants including Walmart, Whole Foods, Regal, Kroger, Hobby Lobby, Costco, and Target to name a few. There are approximately 150,000 people within a 5-mile radius and the growth rate in the area has been tremendous, nearly 50% within a one-mile radius over the last decade. Downtown Cincinnati is just 20 miles south of the subject property. Founded in 1921, Lowe’s is a top Fortune 500 company with over 2,000 locations and more than 310,000 employees. Lowe’s has been at the location since 1997 and has agreed to an additional 10-year lease.
“We consummated the sale within 97% of our asking price and closed with the first buyer to go under contract, with zero re-trades or price adjustments throughout the process,” said Calvin Short. “We received a multitude of offers from high net worth individuals, private family offices, and various institutional capital players and chose to move forward with a group that had a strong track record of successful closings.”
The seller, Encore Retail LLC, was able to secure an early lease extension from Lowe’s and benefitted from value creation. In December 2019, Matthews agents sold an adjacent multi-tenant property anchored by Hobby Lobby, to the same seller. The buyer, a publicly-traded REIT, was looking to purchase stabilized assets with strong credit tenants in high-growth markets across the United States. The buyer had the highest probability of closing and out positioned the rest of the investors that submitted offers.
“We outperformed the pricing expectation for the breakup strategy of the Hobby Lobby, Burlington, and Marshalls anchored retail center and the free-standing Lowe’s and closed Lowe’s with an all-cash buyer in the middle of the COVID-19 pandemic,” said Calvin Short. “We successfully executed on the breakup strategy of separating the multi-tenant space from the Lowe’s and ultimately secured the best price possible for our client, by doing so.”
For more information regarding this closing, or if you have any other questions related to Net Lease Retail assets nationwide, please do not hesitate to reach out to Calvin Short and Chad Kurz. 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. Founded in El Segundo, CA, and strategically positioned with over 300 agents and support staff in over 10 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.