BAKERSFIELD, CA— Matthews™, a commercial real estate investment services and technology firm, completed the sale of a dual-asset portfolio, located at 2301 & 2309 Niles Point in Bakersfield, California. Matthews™ Associate Vice President Jake Linsky and Associate Brendan Tyoran represented the seller in the transaction.

 

The portfolio includes a 24,905-square-foot neighborhood center anchored by Vallarta Supermarkets, along with a 6,325-square-foot drugstore building adjacent to the center. After nearly 15 years of ownership, the seller, a Southern California-based family office, brought the assets to market to consolidate its growing mix of retail, office, and multifamily holdings, having secured a five-year lease extension with both Vallarta Supermarkets and the neighboring tenant.

 

By leveraging click-to-sale technology and outbound marketing, Matthews™ generated a competitive bidding environment that resulted in multiple offers. The buyer, completing a 1031 exchange, was drawn to the long-term stability of the absolute NNN grocery asset and plans to hold the property for cash flow.

 

The transaction required intensive due diligence due to complex lease structures, historical sublease arrangements, and the inclusion of three separately parceled parking lots. Matthews™ worked closely with all parties throughout escrow to reconcile documentation and maintain momentum, ultimately positioning the seller to achieve an exit at more than double its original basis and close within a quick 45-day escrow.

 

“Deals like this come down to staying disciplined in diligence and keeping every party aligned day-to-day,” Tyoran said. “Our job was to create maximum exposure, then manage the details through escrow so the seller could close with certainty and on an accelerated timeline.”

 

For more information, please contact Jake Linsky and Brendan Tyoran or visit www.matthews.com.

 

About Matthews™

Matthews™, 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.