Property Located in Coppell, TX, Sold in 1031 Exchange

 

Coppell, TX — Matthews Real Estate Investment Services™, a commercial real estate investment services and technology firm, completed the sale of a Kroger grocery store located at 950 East Sandy Lake Road, Coppell, TX. Matthews™ represented both parties in the 1031 Exchange, with Executive Vice President Chad Kurz representing the buyer and Market Leader Bill Pedersen representing the seller.

 

The Kroger facility, scaling over 60,000 square feet, was purchased by a long-term client of Matthews™, who has acquired multiple grocery locations this year. The agents closed 15 days after the tenant waived their right of first refusal. The seller was also a long-term Matthews™ client and has worked with Pedersen for nearly seven years on transactions.

 

“Culture of collaboration was a key factor in this deal. Bill and I work closely together, and when he listed the property, he reached out to see if I might have a potential buyer for the deal,” said Kurz. “I was able to put it in front of an active exchange buyer that I have worked with previously and we were able to secure the deal. The buyer and his lender are fantastic to work with and Bill did a great job navigating the transaction with the seller.”

 

Matthews™ conducted an efficient escrow process in which the seller secured a sub-five percent cap rate for a five-year lease. The Kroger asset is a rare single tenant net lease property, below-market rent in one of the best-performing markets in the country.

 

“The Kroger property is in a heavy-traffic area across from a CVS, Chase Bank, and down the road from an elementary school. Its easy accessibility and high visibility make this grocery store an exceptional asset,” said Pedersen.

 

Kroger grocery has nearly 2,800 stores in 35 states across the country, accumulating north of $132.5 billion in annual sales. This deal was done in collaboration with Broker of Record, Kyle Matthews, License No. 9005919 (TX).

 

For more information or to contact Chad Kurz and Bill Pedersen, 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 14 offices across the United States, Matthews™ continues to focus on expansion into new markets. For more information, please visit www.matthews.com.