CBRE’s Philly team sells 27 properties worth $104M in first half of 2019; 5 in N.J.

CBRE announced Tuesday its Philadelphia-based Net-Leased Properties team sold 27 properties in the first half of 2019, totaling $104.4 million.

Matthew Gorman, Michael Shover led CBRE’s Net-Lease Property Group Mid-Atlantic team along with Thomas Finnegan and Robert Thompson, both associates.

The completed deals spanned across 12 states, including five in New Jersey. Most of them classify under “net lease” and were comprised of a mix of restaurants, convenience stores/gas stations, discount stores, veterinary clinics, fitness centers and drug stores.

The deals in New Jersey include:

  • Wawa, Piscataway;
  • Wawa, Somerset;
  • Rite Aid, Medford;
  • Outback, Hamilton;
  • National Veterinary Associates, Franklin.

Other noteworthy transactions include the $24 million sale of a two-tenant retail condominium property in Philadelphia; a national gym which traded for $9 million in Fort Washington, Pennsylvania; four Wawa and Sheetz gas station/convenience stores totaling more than $22.9 million; and eight discount stores totaling more than $9.8 million.

“It was a slow start to the year with interest rates on the rise through the end of 2018,” Gorman said. “The tide turned in our direction, which boosted our activity substantially and resulted in a successful first half of the year.”

“As real estate valuations in product types such as apartments, office and industrial made a comeback, the number of 1031exchange buyers and capital chasing our product type increased,” Shover said. “We pride ourselves in our knowledge and expertise of tax-deferred exchanges and look forward to continuing to assist our clients with their real estate needs.”