Matthews Announces $24 Million Sale of Thomas Winery Plaza

Matthews
Real Estate Investment Services™ announced today the $24 million
sale of Thomas Winery Plaza, a +99,838 square foot CVS-anchored shopping
center in Rancho Cucamonga, CA. The asset, sold by Apartment Income
Investors, Inc., a privately held property management and multifamily
investment firm, is located along the Historic Route 66. The
transaction, which is the largest deal year-to-date in the Inland
Empire, was led by Lindsay
Tsumpes, Director, AVP, and El
Warner, National Director and EVP of the Matthews™ Shopping Center
Division.

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“This transaction is significant because our team was able to take over
a listing from a previous firm after more than two years on the market
and sell it to an all-cash buyer three weeks prior to our client’s loan
maturing,” said Warner.

To revive interest in the deal, Tsumpes states, “We reframed the
property’s story and leveraged Matthews™ international proprietary
database to run an expansive campaign to both foreign and domestic
buyers. The new creative strategy ultimately drove strong competition
for the asset and was critical to getting it sold.”

The strategy proved successful as the team sourced an international
buyer attracted to the strong retail location and recession proof anchor
tenants, including a gym and drug store.

The Matthews™ Shopping Center Division prides themselves on their
unwavering commitment to serving their client’s best interest and
utilizing leading-edge technology and high visibility marketing
campaigns to help source buyers. With their competitive marketing
technology and expansive global database, the division has earned a
reputation for excellence in execution. In California, they are
currently selling another grocery
anchored shopping center. For more information regarding available
shopping center inventory, please reach out to El
Warner or Lindsay
Tsumpes.

About Matthews Real Estate Investment Services™:

MATTHEWS REAL ESTATE INVESTMENT SERVICES™ is recognized as an industry
leader in shopping center, net lease, multifamily, management, portfolio
disposition and 1031 Exchange programs. The firm is headquartered in El
Segundo, CA and serves clients throughout the United States and Canada.
For more information, please visit WWW.MATTHEWS.COM.

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