New Jersey – December 22, 2016 – Matthew Gorman and Michael Shover of CBRE’s Net Lease Property Group in Philadelphia announced today that they have arranged the sales of a free-standing Lowe’s and Walgreens for a combined total of $25,476,000. Gorman and Shover represented the seller, a regional developer based outside of Philadelphia, and procured the institutional buyer in the Lowe’s transaction, and represented the seller of the Walgreens, a regional developer based out of the Lehigh Valley section of Pennsylvania.
“We were very pleased to execute for two of our best repeat clients” said Gorman, adding “although both trades were net lease investment sales, the process we ran and buyer pool we focused on were very different from each other.” Shover added, “Our concentration on net lease investment sales for over a decade has given us the experience to truly understand the nuances between product types within the industry, raising the probability for a successful outcome for our clients.”
Built in 2009, the 168,599 square-foot Lowe’s, a co-anchor to Cedar Hill Shopping Center, is located at 144 NJ-73 in Voorhees Township, New Jersey, while the newly constructed 12,705 square-foot Walgreens sits at 339 Matawan Road in Matawan, New Jersey, immediately off of exit 120 of the New Jersey Garden State Parkway.
Matthew Gorman and Michael Shover lead CBRE’s Net-Lease Property Group Mid-Atlantic Team along with Marc Mandel, a First Vice President and Stephen Schrenk, an Associate. The team specializes in the marketing and sale of single and multi-tenant net-lease investment real estate. In their twelve-year history, the team has sold well in excess of $1 billion in net lease properties nationwide.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
