CBRE closes three retail properties in suburban Philadelphia totaling $14.7M

Radnor, PA — CBRE announced the sale of three retail properties located in suburban Philadelphia totaling $14.7 million. The sales included a stand-alone property occupied in a long-term lease by Wawa at 801 Hill Ave. in Wyomissing which sold for $7.37 million and two retail strip centers at Cedar Hill Shopping Center at 156 Rte. 73 in Voorhees that sold for a combined $7.35 million. In both cases this was the second time CBRE listed, sold, and closed on these properties.

The CBRE investment sales team of Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thomson and Nick Holtz spearheaded the marketing campaign for each asset, representing a private buyer and seller clients for both sides of the Wawa sale, and private seller and institutional buyer for Cedar Hill in NJ.

“There’s nothing more complimentary than being hired by the buyer that you sold the asset to when they’ve decided it’s time to divest,” said Gorman. “We’re known for our proven national marketing process, designed to maximize exposure, engage all buyer pools and deliver the best pricing possible for our clients.”

801 Hill Ave. is a 5,051 s/f retail property NNN leased to a Wawa convenience store and gas station. The NNN ground lease structure ensures zero landlord responsibilities, making it an ideal option for 1031 exchanges and passive ownership. Strategically located at the intersection of Penn Ave. and Park Rd.

Located at 156 Rte. 73 in Voorhees, NJ units three and four are within the Cedar Hill Shopping Center, a 19.2-acre shopping center with parking for nearly 1,700 vehicles in a Major Business Zone district along Route 73. Cedar Hill is anchored by BJ’s Wholesale Club, Lowe’s Home Improvement and shadow-anchored by a brand-new ALDI.

Unit three sold for $2.45 million and consists of a 6,205 s/f property that is 100% occupied by a diverse mix of food & beverage, merchandise and service provider tenants including AT&T, Nails ‘R Us, Wayback Burgers, Great Clips and Mochinut. The NNN leases and fee simple/condo structure creates a passive ownership experience for the landlord as the condo association administers all the common area maintenance/repairs and bills the condo unit owners on a pro-rata basis which is then passed along to the tenants for reimbursement. Unit four sold for $4.91 million and is a 10,686 s/f property housing a Starbucks, Livani Jewelry, The UPS Store, Orangetheory Fitness and The Vitamin Shoppe.