Owned and maintained by the same group since their construction over 25 years ago, the sellers were looking to cash out of their three unit portfolio in West Virginia. The portfolio includes Morgan Square, Hampshire Square, and Maddex Square, each entailing seven or more tenants, and boasts 99 percent occupancy, with 87 percent of tenants being national credit retailers. The contract was executed before the outbreak, but COVID-19 ultimately delayed closing.
With the diligent efforts of the Matthews™ team, combined with the extensive industry-leading marketing platform, the portfolio secured multiple offers, generating competition that resulted in a bidding environment. As the buyer wanted to build their portfolio by adding grocery-anchored centers, the transaction was an ideal purchase as the three properties were top-performing Food Lions.
Representing both the seller and buyer, Matthews™ closed the record-breaking portfolio sale with less than five years of the lease term remaining on the anchors. The 165,954 square foot portfolio sold for $17.3 million, or a record-breaking $104 per square foot for the year 2020. Although COVID-19 brought on unprecedented disruptions, it also highlighted the strength of tertiary grocery-anchored centers as tenant collections in these properties were much better than core assets.
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