Matthews Real Estate Investment Services Closes $12.6M Off-Market Sale of Trader Joe's-Anchored Retail Center in Santa Monica
Matthews Real Estate Investment Services Real Estate Investment Services has completed the $12.6 million off-market disposition of Pico Shopping Center, a Trader Joe's-anchored retail property located at 3202-3250 Pico Blvd in Santa Monica, California. Matthews Associate Christine Baker facilitated the transaction, representing the seller and directly sourcing the buyer.
Deal Details
The 17,702-square-foot shopping center sits along Pico Boulevard in one of the Los Angeles area's high-barrier coastal retail markets. In addition to Trader Joe's, the property includes a multi-tenant building occupied by Rejuice, My Pet Naturally, and The Pilates Cave. The transaction closed at a 4% cap rate.
The seller, a private family-ownership group that had held the property for decades, elected to sell amid what the firm described as strong market conditions, allowing the owners to capitalize on favorable pricing and exit ongoing leasing and management responsibilities. Matthews sourced the buyer, Paragon Commercial Group, through its relationships within the Los Angeles retail market.
The firm characterized the deal as a strategic off-market transaction structured to align the seller's exit objectives with the buyer's value-add investment strategy.
Broker Commentary
"Properties like Pico Shopping Center are difficult to replicate in today's market," Baker said. "The asset's location, fundamentals, and future upside made it a compelling opportunity for the buyer to capitalize on the asset's long-term upside."
Market Context
Grocery-anchored retail centers have continued to attract investor interest in supply-constrained coastal markets, where necessity-driven tenants tend to support stable occupancy and consistent foot traffic. Santa Monica, as an affluent infill submarket within Los Angeles, presents limited opportunities for new retail development, a dynamic that can support durable pricing for well-located assets.
Off-market transactions of this type are often pursued when sellers prioritize execution certainty and buyers seek stabilized income from tenants with strong daily-needs demand profiles.
About Matthews Real Estate Investment Services
Matthews Real Estate Investment Services is a commercial real estate investment services and technology firm headquartered in Nashville, Tennessee. The firm operates more than 30 offices across the United States with over 1,000 agents and employees, focusing on investment sales, leasing, and debt and structured finance.
Sources: Matthews Real Estate Investment Services press release, Aug. 6, 2026