CBRE brokers sale of Rite Aid & Advance Auto Parts in Philadelphia Region for $7.4 million
Philadelphia, PA — CBRE Group, Inc. (CBRE) has brokered the sale of a Rite Aid Pharmacy and an Advance Auto Parts, both of which are located in the Greater Philadelphia Region. CBRE’s Matthew Gorman and Michael Shover represented the sellers and Kevin McClernon was also instrumental in helping close the Rite Aid deal. Rite Aid, an 11,211 s/f property located on Rising Sun Ave., sold for $4.9 million, while Advance Auto Parts’ 7,200 s/f property located in Warminster, went for $2.5 million. Gorman and Shover were able to close the Advance Auto Parts at a market leading cap rate and the Rite Aid deal during a time when the company’s future was unknown given the announcement of the Walgreens acquisition. “Both of our clients were impressed with our execution, but for different reasons,” said Gorman. “We were able to achieve top of marketing pricing and a very aggressive cap rate on the Advance Auto Parts deal and maintain pricing and assure a closing on the Ride Aid deal even after the announcement of the potential Walgreens merger.” “The properties both received multiple offers from a national audience of buyers,” added Shover. “The selected for Advance Auto was an out of market 1031 Buyer and for Rite Aid we selected an all cash buyer putting the property into a Trust.” Matthew Gorman and Michael Shover (NLPG Philadelphia) lead CBRE’s Mid-Atlantic net-lease team, specializing in the marketing and sale of single and multi-tenant net-lease investment real estate. In their ten-year history, the team has sold more than $1 billion in net lease properties nationwide.