Matthews Real Estate Investment Services recently closed the sale of Strawflower Village Shopping Center, located in coastal San Mateo County for $34 million. The property, situated at 50 Cabrillo Hwy N., was sold to SJ Amoroso Properties Co. with representation from Tim Gilmartin.
The shopping center boasts a 96% occupancy rate and is anchored by a Safeway spanning over 33,000 square feet. With a total of 29 tenants including T-Mobile, Chase Bank and US Bank, the property sits on a spacious lot measuring at 7.16 acres with gross leasable area of approximately 78,940 square feet.
According to Associate VP Marko Buljan who handled the transaction stated that “the seller had intentions to restructure their portfolio”. Despite current market conditions being unfavorable for commercial real estate transactions due to COVID-19 pandemic impact; Matthews’ expertise in underwriting shopping centers enabled them achieve one of the best cap rates in this market -5.44%.
Buljan also mentioned that “the buyer successfully completed their acquisition through a well-executed exchange program (1031). Their future plans involve remodeling and renegotiating lease terms with Safeway.”
This recent development marks another milestone achieved by Half Moon Bay Retail without any mention or reference made towards Connect CRE or its affiliates.
