CBRE arranges the sale of two high profile net lease properties for a total of $20.615m
King of Prussia, PA — CBRE Group, Inc. (CBRE) announced that the Net Lease investment sales team led by Matthew Gorman and Michael Shover, both senior vice presidents at CBRE, have arranged the sales of a Verizon Wireless store in King of Prussia, PA and Walgreens Pharmacy in Lansdowne for a combined price tag of $20.615 million. CBRE represented the seller (Pike 705, LLC) and the buyer, a locally based 1031 exchange investor, in the Verizon transaction and the seller (Moreland Development, LLC) in the Walgreens sale.
Built in 2015 the 6,000 s/f Verizon store, located at 715 W. Dekalb Pike directly across from the main entrance to the King of Prussia Mall, sold for $11.1 million or $1,850 psf. “The location of the Verizon store in King of Prussia is simply irreplaceable real estate which demands pricing at the highest end of the market,” said Gorman. “Our client was very pleased as we were able to execute and close the asset where other brokers had previously attempted and not succeeded,” added Shover. The 14,800 s/f Walgreens, a 2016 redevelopment of a historical bank branch located at 2 W. Baltimore Ave. in Lansdowne, PA, sold for $9.515 million or $643 psf. ”At the time of the sale, the property in Lansdowne was the only new 20-year Walgreens Pharmacy available within the Philadelphia MSA,” said Gorman. “Through our national marketing process we were able to attract the buyer from the greater Los Angeles, CA area,” added Shover. Matthew Gorman and Michael Shover lead CBRE’s Net-Lease 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 more than $1 billion in net lease properties nationwide.