Matthews™ Announces $24 Million Sale of Thomas Winery Plaza
LOS ANGELES--(BUSINESS WIRE)--Matthews Real Estate Investment ServicesÂ™ announced today the $24 million sale of Thomas Winery Plaza, a +99,838 square foot CVS-anchored shopping center in Rancho Cucamonga, CA. The asset, sold by Apartment Income Investors, Inc., a privately held property management and multifamily investment firm, is located along the Historic Route 66. The transaction, which is the largest deal year-to-date in the Inland Empire, was led by Lindsay Tsumpes, Director, AVP, and El Warner, National Director and EVP of the MatthewsÂ™ Shopping Center Division.
Â“This transaction is significant because our team was able to take over a listing from a previous firm after more than two years on the market and sell it to an all-cash buyer three weeks prior to our clientÂ’s loan maturing,Â” said Warner.
To revive interest in the deal, Tsumpes states, Â“We reframed the propertyÂ’s story and leveraged MatthewsÂ™ international proprietary database to run an expansive campaign to both foreign and domestic buyers. The new creative strategy ultimately drove strong competition for the asset and was critical to getting it sold.Â”
The strategy proved successful as the team sourced an international buyer attracted to the strong retail location and recession proof anchor tenants, including a gym and drug store.
The MatthewsÂ™ Shopping Center Division prides themselves on their unwavering commitment to serving their clientÂ’s best interest and utilizing leading-edge technology and high visibility marketing campaigns to help source buyers. With their competitive marketing technology and expansive global database, the division has earned a reputation for excellence in execution. In California, they are currently selling another grocery anchored shopping center. For more information regarding available shopping center inventory, please reach out to El Warner or Lindsay Tsumpes.
About Matthews Real Estate Investment ServicesÂ™:
MATTHEWS REAL ESTATE INVESTMENT SERVICESÂ™ is recognized as an industry leader in shopping center, net lease, 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.