Bloomington, IN – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the sale of Whitehall Plaza, located at 3175-3483 West 3rd Street, Bloomington, IN, for $24.1M. The transaction represents the largest multi-tenant retail sale year-to-date in Indiana, according to CoStar. Associate Vice President Zack Bates and Executive Vice President and National Director Ben Snyder completed the sale.
Matthews™ represented the sellers, three Indiana-based families who owned the property as a joint venture investment. The sellers were looking to simplify their investment ownership structures and complete individual 1031 Exchanges. The sellers received a timely close, securing sufficient time to source a 1031 Exchange replacement and high profit derived from the competitive deal terms.
“Whitehall Plaza recently completed a long-term extension with national grocer Kroger and reported incredibly strong sales at this location,” Bates said. “This provided us with a great opportunity to present to buyers an in-demand essential-business-anchored complex paired with the value of great sales performance for years to come.”
The buyer, First National Realty Partners, is a national commercial real estate private equity firm specializing in acquiring high-performance grocery-anchored investment properties. Along with a competitive bid, First National Realty Partners offered a proven track record of execution and credibility. Matthews™ sourced the buyer through the firm’s proprietary marketing technology, procuring numerous offers from various credible buyers and with a variety of capital sources during an extensive marketing campaign. The brokers secured the best terms and successfully closed the deal on time and at the full contract price.
“This deal allowed us to showcase the power of Matthews’ broad network reach,” Snyder said. “We brought offers from across the country, creating a competitive bidding environment and provided our clients with several different avenues to success, allowing them to decide for themselves which was the best option.”
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.
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