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Category: Case Study, Net Lease Retail, Shopping Center Tags: Net Lease Retail, Shopping Center
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Property Profile

$26,500,000
Walmart - Olean, NY
Leasable Area
353,326 sq. ft.
Year Built
1997

Challenge
With over 11,000 locations, Walmart is the largest multinational public company. This particular property, located in Olean, NY, was built in 1997 then renovated in 2008. Included in the deal are the surrounding tenants such as BJ’s Wholesale Club, AMC Theatres, Old Navy, and more. The seller, a joint-venture of affiliates DRA Advisors and DLC Management, planned to keep the property short-term and capitalized on the sale quickly.

Strategy
Matthews™ was successful in sourcing a buyer through the team’s established relationship with a prior client. The buyer was looking for an asset that fits their investment strategy involving an off-market transaction, and made a compelling offer that couldn’t be ignored.

Results
The Matthews™ team was able to accomplish the largest shopping center sale within 60 days of escrow in Western New York in the last five years before the asset was even on the market. Both parties came to a satisfactory conclusion thanks to Matthews™ unrelenting work ethic.

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