{"id":1004463493,"date":"2020-07-15T04:05:38","date_gmt":"2020-07-15T12:05:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004463493"},"modified":"2025-02-26T03:15:00","modified_gmt":"2025-02-26T11:15:00","slug":"matthews-real-estate-closes-arizona-retail-deal","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/matthews-real-estate-closes-arizona-retail-deal\/","title":{"rendered":"Matthews Real Estate Closes Western Arizona Retail Deal"},"content":{"rendered":"<div id=\"attachment_1004463592\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/1650-McCulloch-Blvd.-N.-Image-via-Google-Street-View.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004463592\" data-attachment-id=\"1004463592\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/matthews-real-estate-closes-arizona-retail-deal\/1650-mcculloch-blvd-n-image-via-google-street-view\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/1650-McCulloch-Blvd.-N.-Image-via-Google-Street-View.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Jeffrey Hamann&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1594823203&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"1650 McCulloch Blvd. N. Image via Google Street View\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;1650 McCulloch Blvd. N. &lt;i&gt;Image via Google Street View&lt;\/i&gt;&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/1650-McCulloch-Blvd.-N.-Image-via-Google-Street-View.jpg?w=800\" class=\"wp-image-1004463592 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/1650-McCulloch-Blvd.-N.-Image-via-Google-Street-View.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/1650-McCulloch-Blvd.-N.-Image-via-Google-Street-View.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/1650-McCulloch-Blvd.-N.-Image-via-Google-Street-View.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2020\/07\/1650-McCulloch-Blvd.-N.-Image-via-Google-Street-View.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004463592\" class=\"wp-caption-text\">1650 McCulloch Blvd. N. <i>Image via Google Street View<\/i><\/p><\/div>\n<p>Matthews Real Estate Investment Services has brokered the $13.2 million disposition of a 54,531-square-foot Safeway store in western Arizona through a 1031 exchange. Associates Charles Wright and Taylor Avakian, Vice President &amp; Director Braden Crockett and Executive Vice President &amp; Managing Director Chad Kurz facilitated the deal on behalf of the seller and procured the buyer.<\/p>\n<p>Public records show the seller, Fortress Investment Group, acquired the building from Safeway in 2019 for $10.7 million as part of a sale-leaseback deal. The triple-net lease has 20 years remaining, with annual rent increase options, according to Crockett.&nbsp;<\/p>\n<p>Located on 4 acres at 1650 McCulloch Blvd. N., the single-story building was completed in 1988. The Safeway shadow anchors a shopping center home to a number of smaller tenants, from several restaurants to a hair salon.&nbsp;Other retailers in the same corridor include Albertsons, Ross Dress for Less and Walgreens.<\/p>\n<p>In February, Fortress Investment Group <a href=\"https:\/\/www.commercialsearch.com\/news\/carlyle-development-pays-20m-for-baltimore-retail-asset\/\">completed the $20 million sale<\/a> of Mount Clare Junction, a 234,036-square-foot shopping center in Baltimore, to Carlyle Development Group. Institutional Property Advisors represented the seller.<\/p>\n<div><em>If you\u2019d like to be featured in Brokers\u2019 Corner, simply fill in <\/em><a href=\"https:\/\/www.surveymonkey.com\/r\/BrokersCorner\" target=\"_blank\" rel=\"noopener\"><strong><em>our short form<\/em><\/strong><\/a><em> or send your deal to <\/em><a href=\"mailto:deals@cpe-mhn.com\" target=\"_blank\" rel=\"noopener\"><strong><em>deals@cpe-mhn.com<\/em><\/strong><\/a><em>.<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Charles Wright, Taylor Avakian, Braden Crockett and Chad Kurz assisted the seller and procured the buyer in the $13.2 million deal.<\/p>\n","protected":false},"author":867,"featured_media":1004365520,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,21749,15],"tags":[33536,34375,35596,34103],"class_list":["post-1004463493","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-retail","category-west","tag-1031-exchange","tag-fortress-investment-group","tag-matthews-real-estate-investment-services","tag-safeway-inc"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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