Family-Owned Visalia Retail Center Sells for $18M

Matthews Real Estate Investment Services handled the $17,700,000 sale of Mary’s Vineyard shopping center located at 1305-1699 E. Noble Ave. in Visalia. Reportedly it’s the highest-priced sale in Visalia year-to-date. Associate Carter Hamilton and first VP and senior director Matt LoPiccolo represented the seller and buyer in the transaction. 

Mary’s Vineyard, located directly off the 198 freeway in Visalia, is a grocery- and drug store-anchored center with other national tenants including McDonald’s. The seller owned the land since 1920, as it was the family’s original homestead. The center was developed in 1989 and has been run as a family business ever since.  

“We faced several challenges during this transaction including CMBS debt and issues with a special servicer, deferred maintenance, extended escrow period, etc.,” Hamilton said. “But our experience in closing similar assets allowed us to stay several steps ahead. We were in constant communication with the seller and buyer so that all parties understood and were comfortable with the transaction timeline.” 

The property was purchased by Argonaut Investments, a privately held investment firm from the Bay Area. The company currently owns 40 grocery-anchored assets.