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Shopping Center Sale Completed Using 1031 Exchange
Half Moon Bay, CA—Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the $34,000,000 sale of Strawflower Village Shopping Center located at 50 Cabrillo Hwy N., Half Moon Bay, CA. Associate Vice President Marko Buljan handled the transaction.
Strawflower Village is 96% leased and grocery-anchored, featuring a 33,000-square-foot Safeway. The property includes 29 total tenants, such as T-Mobile, Chase Bank, US Bank. The shopping center is positioned on a 7.16-acre lot with 78,940 gross leasable area.
“The seller, HMB Musich LLC, was looking to restructure their portfolio,” said Buljan. “Given the current downcycle, we still managed to achieve one of the best cap rates in the market, 5.44%, much of which is thanks to Matthews’ underwriting and expertise in shopping centers.”
The Strawflower Village Shopping Center is the largest center in Half Moon Bay, making it a primary shopping destination for residents. The property was purchased by SJ Amoroso Properties Co., represented by Tim Gilmartin.
“The buyer successfully completed a 1031 exchange with this acquisition,” said Buljan. “They currently plan to remodel and restructure a lease with Safeway.”
For more information or to contact a Matthews™ specialized agent, please visit www.matthews.com.
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 600 agents and support staff in 20 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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