Matthews™ Closes $22.5M Sale of Merced Mall

Merced, CA —Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, represented the seller in the $22,500,000 disposition of Merced Mall. Matthews™ First Vice President and Senior Director Matt LoPiccolo handled the transaction. This is the first regional mall to transact in California in 2024 year-to-date.

 

The Merced Mall features 44 tenants, including anchors J.C. Penney and Kohl’s, with a 67 percent occupancy rate. The regional mall was sold by Codding Enterprises and acquired by Ethan Conrad. Conrad plans to redevelop and reposition the asset, although final site plans have not been confirmed.

 

“Our client benefitted from a structured marketing campaign that procured multiple offers, which helped galvanize the current buyer,” LoPiccolo said. “Despite the economic headwinds, the seller was able to transact with an experienced and capable operator/developer.”

 

The mall was marketed as a unique value-add opportunity as the city of Merced had recently permitted a redevelopment of the property. In total, Merced Mall sits on 27.32 acres.

 

“This sale faced several challenges, including high vacancy, a limited buyer pool, tenant support, etc.,” LoPiccolo said. “Through persistence and hard work, we overcame the challenges. The buyer was 1 out of 1,000. Therefore, we knew it would take time and commitment to promote the asset.”

 

For more information or to contact a Matthews™ specialized agent, 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. Based out of Nashville, TN, and strategically positioned with over 1,000 agents and employees in 25+ offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.