Matthews™ Completes $5.5M Sale of California Shopping Center

Los Angeles, CA – Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, brokered the sale of Manchester Plaza, a shopping center located at 520-536 East Manchester Avenue, Los Angeles, CA. The sale represents the top-three highest price per square foot sale of a retail strip center in Los Angeles year-to-date, closing at $647 per square foot. Senior Associate Joe Nelson handled the transaction.

 

Matthews™ represented the seller, a repeat developer client, who was looking to exit the Manchester property and enter into a new project. Nelson navigated a complex escrow process by using connections and industry expertise.

 

“I worked closely with the seller to understand their priorities, timing goals, and investment strategy to ensure we accomplished all goals and closed for a great price,” Nelson said. “Although there were obstacles, I was able to negotiate terms and execute viable solutions to get this deal across the finish line.”

 

The buyer, a local investor, bought the property to complete a 1031 Exchange. The retail center is the up-leg investment in the exchange. The buyer received an asset that fit their timing requirements and business strategy.

 

“Matthews’ technology and market reach allowed me to source a credible buyer and ultimately close at a record price for the area, exceeding our client’s expectations,” Nelson said.

 

For more information on this listing or to contact Joe Nelson, please visit www.matthews.com.

 

About Matthews™

Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, holds recognition as an industry leader in investment sales, leasing, and debt and structured finance. Founded in El Segundo, CA, and strategically positioned with over 400 agents and support staff in over 13 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.