Merced Retail Center Sold

 

Merced, CA — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, closed the sale of 3110 R Street, a retail strip center in Merced, CA. Matthews™ Vice President Clay Smith represented the seller in the transaction.

 

The property sold for $5,760,000, or $828 per square foot. Situated on a prime corner lot, the strip center features corporate-guaranteed tenants, with Chipotle and Panera occupying the end-cap storefronts. Chipotle recently extended its lease for an additional 10 years.

 

“The property’s location and strong tenant lineup made for a competitive deal process,” Smith said. “We were able to sell at an aggressive price to a 1031 exchange buyer who was looking to invest in the local market. It was a win-win for both parties involved.”

 

3110 R Street is outparceled by Target and a regional shopping mall, Merced Mall. Merced Mall recently was sold and is expected to be undergoing redevelopment, bringing an opportunity for further retail expansion to the area.

 

“Our client received an efficient and successful close with the deal three weeks ahead of schedule,” Smith said. “This is a great piece of real estate that will offer stabilized income long-term, with the potential for growth.”

 

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.