Matthews™ Sets Visalia Retail Sales Record With $15.4M Grocery-Anchored Shopping Center Disposition

FRESNO, CA—Matthews™, a commercial real estate investment services and technology firm, represented the buyer and seller in the disposition of Key West Plaza Shopping Center, located at 5151 W Goshen Ave in Visalia, CA. Matthews™ Senior Vice President and Director Matt LoPiccolo and Associate Carter Hamilton facilitated the $15,400,000 transaction, marking the highest sale price for a retail property sold in Visalia since 2020.

Strategically positioned just off State Route 198, the 84,500-square-foot shopping center serves as a primary retail destination within the Northwest Visalia submarket and benefits from approximately 58,000 vehicles per day. The 98% occupied center is anchored by a top-performing Save Mart and features a complementary mix of national, service-oriented, and daily-needs tenants, including Starbucks, Chase Bank, UPS, and State Farm.

The seller, a private family that had owned and operated the center for over four decades, decided to divest the asset as part of a long-term capital strategy. Leveraging its deep relationships with qualified shopping center investors, Matthews™ executed a targeted marketing campaign that generated interest from experienced buyers nationwide, including institutional buyers and grocer-anchored specialists. The directly sourced buyer, a seasoned family office completing a 1031 exchange, sought to expand its local portfolio and was attracted to Key West Plaza’s long-term fundamentals and stable, necessity-based tenant mix. The transaction further strengthens the firm’s presence in the Central Valley, where the firm ranks as the No. 1 buyer’s broker in the Visalia retail market with an 18.4% market share and among the top four sellers’ brokers with a 10.7% share of transaction volume.

“High-quality grocery-anchored shopping centers continue to attract strong investor demand, but success comes down to identifying the right buyers and executing with precision,” LoPiccolo said. “Closing at $182 per square foot, we delivered an exceptional outcome for both parties while reinforcing the strength of necessity-based retail in California’s Central Valley.”

For more information, please contact Carter Hamilton and Matt LoPiccolo or visit www.matthews.com.

David Harrington License No. 02168060 (CA)

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 30 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.