Matthews Real Estate Investment Services Closes $15.4M Sale of Key West Plaza in Visalia, CA
FRESNO, CA — Matthews Real Estate Investment Services Real Estate Investment Services has closed the $15.4 million disposition of Key West Plaza Shopping Center, located at 5151 W Goshen Ave in Visalia, California, the firm announced. The transaction represents the second sale of a Save Mart-anchored shopping center in Visalia that Matthews Real Estate Investment Services has facilitated within the past 18 months.
Senior Vice President and Director Matt LoPiccolo and Associate Carter Hamilton of Matthews Real Estate Investment Services represented both the buyer and seller in the deal.
Property Overview
Key West Plaza is an 84,500-square-foot shopping center positioned just off State Route 198 in the Northwest Visalia submarket. The center was 98% occupied at the time of sale and is anchored by a Save Mart grocery store. Additional tenants at the property include Starbucks, Chase Bank, UPS, and State Farm. The center benefits from approximately 58,000 vehicles per day passing the site, according to the firm.
Seller and Buyer Profiles
The seller was a private family that had owned and operated Key West Plaza for more than four decades. The decision to divest the asset was described by the firm as part of a long-term capital strategy.
The buyer, sourced directly by Matthews Real Estate Investment Services, is a family office that was completing a 1031 exchange. According to the firm, the buyer sought to expand its local portfolio and was drawn to the property's long-term fundamentals and necessity-based tenant mix. The firm described the buyer as a seasoned investor in the grocer-anchored shopping center space.
The firm's marketing campaign for the property generated interest from institutional buyers and grocer-anchored specialists nationwide, the firm said.
Market Position in Visalia
The transaction reinforces Matthews Real Estate Investment Services' activity in California's Central Valley. The firm said it ranks as the No. 1 buyer's broker in the Visalia retail market with an 18.4% market share, and among the top four sellers' brokers with a 10.7% share of transaction volume.
"The best outcomes don't happen by chance; they come from understanding the market, controlling the narrative, and executing a disciplined business plan," LoPiccolo said.
About Matthews Real Estate Investment Services
Matthews Real Estate Investment Services is a commercial real estate investment services and technology firm. For more information, contact Carter Hamilton or Matt LoPiccolo, or visit www.matthews.com.
David Harrington, License No. 02168060 (CA)