CBRE arranges sales of CVS, Verizon-occupied assets in Wayne, PA

Philadelphia – CBRE announced the sale of six fully occupied, stand-alone retail properties in Pennsylvania and New Jersey for nearly $22 million, demonstrating the growing investment activity and strength of the sector. The most noteworthy of the transactions was the sale of two buildings occupied by Verizon and CVS located at 314-318 E. Lancaster Ave. in Wayne. 314-318 E Lancaster LLC acquired the assets from The Fogel Limited Partnership for $8.65 million.

Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thompson and Nick Holtz of CBRE’s Mid-Atlantic Net Lease Property Group represented the sellers in the transactions, along with CBRE’s Ken Bleznak, who partnered with the team for the Verizon and CVS deal.

“The sale of 314-318 E Lancaster Avenue represented a unique chance to acquire two performing retail assets in a highly trafficked and affluent retail node along Philadelphia's Main Line,” said Shover. “The buyer quickly acted to secure stable, investment-grade tenants in a market with limited opportunities of this caliber.”

Situated along the prestigious Main Line in Radnor Township, 314-318 E. Lancaster Ave. features excellent visibility and direct access along Lancaster Avenue, the dominant retail corridor in the area. The two properties are also close to I-476, a key regional connector serving over 120,000 vehicles per day, linking the Main Line to Center City and the greater Philadelphia suburbs.

The properties are well-served by public transportation, positioned between SEPTA Regional Rail stations and multiple bus lines, and are walkable to several apartment communities, schools and national retailers, including Whole Foods, Target, Chick-fil-A and T.J. Maxx.

In addition to the CVS and Verizon transaction, the team also completed the sale of five other assets, including:

•         4236 Edgmont Ave. in Brookhaven, Pa., which houses a Popeye’s and was purchased for $2.05 million by Brookhaven Property LLC, represented by Thompson, from RSI Brookhaven Properties LLC.

•         1849 Davisville Road in Willow Grove, an 8,504 s/f retail property occupied by DaVita Dialysis, which was acquired by NS Retail Holdings LLC, also represented by Thompson, for $3.5 million from OBC Willow Grove LLC.

•         1258 Hooper Ave. in Toms River, NJ, which features a Chipotle restaurant and was sold for $2.97 million by Toms River Partners, LLC to Daisy Investment Properties.

•         6010 Derry St. in Harrisburg, a Sheetz-occupied retail property, which was acquired by The Le Family Trust, represented by Coldwell Banker Realty for $2.93 million from Szeles Investment, LP.

•         2700 West Girard Ave. in Philadelphia, a 6,276 s/f property housing Fulton Bank and a Dance Studio, which was sold by 2700 Girard, LP for $1.87 million to 130 Center Street, LLC.

“Since September, our team has successfully closed five additional Philadelphia-area retail transactions totaling $22 million, reflecting a notable uptick in investor activity and confidence in the local market,” said Gorman. “These results underscore the continued demand for stabilized, credit-tenanted retail assets in prime suburban Philadelphia locations.”