Matthews™ successfully completed the sale of a Vallarta Supermarkets, anchored retail property in Bakersfield, California on behalf of a large Southern California, based family office. The asset featured an absolute NNN grocery lease, an attached drugstore, and multiple separately parceled parking lots. Through disciplined execution and hands-on deal management, the agents delivered a successful closing within a 45-day escrow, despite a highly complex lease and ownership structure.

 

Challenge

From the outset, the Matthews™ agents identified that this transaction would require a high level of technical expertise and persistence. Prior to the seller’s ownership, Vallarta Supermarkets had subleased the property from another local Hispanic grocer, resulting in numerous legacy subleases and decades of layered lease amendments. These inconsistencies created material due diligence challenges that had to be fully reconciled before a buyer could proceed with confidence.

 

Further complicating the sale, the property included three separately parceled parking lots owned by the landlord, two of which were leased directly to Vallarta, along with an attached drug store that was included in the transaction. Historical oversights, such as the landlord paying duplicative insurance coverage, introduced additional friction. The majority of the challenges emerged during due diligence, requiring proactive problem-solving to prevent delays or retrades.

 

Strategy

The Matthews™ agents sourced the seller through a cold call on an unrelated out-of-state single-tenant net lease opportunity and ultimately secured the assignment through a competitive process. From day one, the agents positioned themselves not only as marketers of the asset, but as active transaction managers prepared to navigate complexity.

 

They built a comprehensive marketing package and executed a targeted national outreach strategy utilizing proprietary database access, direct email campaigns, click-to-sale technology, and consistent outbound buyer calls. This approach generated meaningful competition and uncovered a qualified in-state buyer completing a 1031 exchange.

 

Throughout the process, the agents maintained daily communication with the seller, providing transparency into buyer feedback, objections, and offer activity. As due diligence issues surfaced, the agents worked directly with ownership to uncover historical documents, clarify lease language, and resolve discrepancies in real time. Their ability to align market expectations, maintain urgency, and keep both sides engaged was critical to sustaining momentum through escrow.

 

Result

Matthews™ ensured that the seller achieved an exit at more than double their original basis while successfully consolidating a portfolio that had grown too large to manage. The transaction closed in a compressed 45-day timeline, a notable outcome given the structural and documentation-heavy nature of the asset.

 

The buyer secured a well-performing, absolute NNN grocery asset in California at an attractive cap rate, successfully completing a 1031 exchange and positioning the property for long-term cash flow.

 

This transaction highlights the impact of agent-driven execution, demonstrating how proactive sourcing, disciplined exposure, and hands-on deal leadership can overcome complexity and deliver certainty of close in today’s investment sales environment.