Matthews Real Estate Investment Services recently facilitated the sale of Mary’s Vineyard shopping center in Visalia for a record-breaking $17,700,000. The property, located at 1305-1699 E. Noble Ave., was sold by a family who had owned it since 1920 and developed it into a successful grocery- and drug store-anchored center.
The transaction was handled by Associate Carter Hamilton and first VP/senior director Matt LoPiccolo on behalf of both the seller and buyer. Despite challenges such as CMBS debt, issues with a special servicer, deferred maintenance, and an extended escrow period, the team’s experience in closing similar assets allowed them to successfully navigate these obstacles.
Mary’s Vineyard is strategically located off the 198 freeway in Visalia with national tenants including McDonald’s. The property has been run as a family business since its development in 1989.
The buyer of this highly sought-after asset is Argonaut Investments from the Bay Area. This privately held investment firm currently owns over 40 grocery-anchored properties across various markets.
This sale marks not only one of Matthews’ largest transactions but also sets a new record for highest-priced sale year-to-date in Visalia.
