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Half Moon Bay Retail Completes 1031 Deal
Matthews Real Estate Investment Services recently completed the $34,000,000 sale of Strawflower Village Shopping Center located at 50 Cabrillo Hwy N., Half Moon Bay, in coastal San Mateo County. Associate VP Marko Buljan handled the transaction. The property was purchased by SJ Amoroso Properties Co., represented by Tim Gilmartin.
Strawflower Village is 96% leased and grocery-anchored, featuring a 33,000-square-foot Safeway. The property includes 29 total tenants, such as T-Mobile, Chase Bank and US Bank. The shopping center is positioned on a 7.16-acre lot with 78,940-square-foot gross leasable area.
“The seller, HMB Musich LLC, was looking to restructure their portfolio,” said Buljan. “Given the current downcycle, we still managed to achieve one of the best cap rates in the market, 5.44%, much of which is thanks to Matthews’ underwriting and expertise in shopping centers.”
He added, “The buyer successfully completed a 1031 exchange with this acquisition. They currently plan to remodel and restructure a lease with Safeway.”
- ◦Sale/Acquisition
