LOS ANGELES--(BUSINESS WIRE)--
Aggressive Pricing Achieved for Trophy Asset in Record Timing
Matthews Real Estate Investment Services™ is pleased to announce the $18 million sale of Sprouts Farmers Market in the largest city in Hillsborough County, Tampa, FL. Senior Vice President & Senior Director of Matthews™, Aron Cline, represented the seller and sourced the buyer through Matthews™ marketing efforts.
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Located in the heart of South Tampa, the 36,320 square foot property is situated along the primary signalized thoroughfare of Dale Mabry Highway, less than five miles from Tampa International Airport, 1.5 miles from the Westshore area and just over three miles from the Tampa Central Business District.
The brand new high-quality construction is one of South Tampa’s newest retail developments surrounded by the following tenants: Trader Joe’s, Whole Foods, Publix, Fresh Market, Target, TJ Maxx, Sam’s Club, Walmart, Total Wine and Beer, Home Goods, Stein Mart, amongst many others. The property is located in an incredibly strong retail corridor with high barriers to entry and strong real estate fundamentals.
After attempts to generate interest via direct off-market solicitation and efforts from a local brokerage house, the seller enlisted. Aron Cline was able to generate half a dozen offers within the first 30 days of marketing the property and ultimately source a California buyer who closed within 60 days of contract signing. “Both the buyer and seller were very satisfied with the transaction and process as the seller was able to hit his pricing and timing requirement and the buyer added another high-quality asset to their portfolio,” said Cline.
After accessing the market and his knowledge of the grocery industry, Aron knew the buyer for this asset was going to be a California investor. The buyer, a recurring client of Matthews™, is a developer based in Southern California who was in the middle of a 1031 exchange and looking for a generational, quality asset to provide a stable return for investors. “Having successfully completed multiple transactions with the buyer in the past, we were thrilled to have the opportunity to work on another transaction with the buyer,” said Cline.
Aron Cline SVP & Senior Director of The Matthews™ Net Lease Division takes pride in his commitment to serving his client’s best interest. With Matthews competitive marketing technology and expansive global database, Aron Cline and the Net Lease division have earned a reputation for excellence in execution. Aron and his team are currently selling Natural Grocers in Clive, IA and Walmart Neighbourhood Market in Charlotte, NC. For more information, please view our available net lease inventory.
MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry leader in Shopping Centers, STNL, Multifamily, Management, Portfolio Disposition and 1031 Exchange programs. The firm is headquartered in El Segundo, CA and serves clients throughout the United States and Canada. For more information, please visit www.matthews.com.