Lansdale, PA — CBRE Group, Inc. (CBRE) has arranged the sale of Tollgate Commons, a 100% occupied, 21,293 s/f multi-tenant retail center located at 1650 Sumneytown Pike in Lansdale for a sale price of $7.2 million.
CBRE’s Matthew Gorman and Michael Shover listed the property and represented the seller, a local developer based outside of Philadelphia and the buyer was represented by Keller Williams Commercial out of the Lehigh Valley.
“Tollgate Commons is a low-management multi-tenant retail property in a dominant location that offers more yield than a traditional net lease property, but appeals to a very similar buyer pool due to the passive nature of the investment,” said Gorman. “We’ve been much more active in this segment of the industry as we’ve experienced a strong market response to each opportunity we list for sale.”
“A big challenge for investors in today’s market is finding a high-quality piece of real estate with a good return and little to no management,” said Shover. “In this case we are able to offer all of those characteristics to the buyer pool, generating numerous offers and ultimately closing at 98.5% of the list price.”
Gorman and Shover, both senior vice presidents, lead CBRE’s Net-Lease Property Group Mid-Atlantic Team along with Marc Mandel, a first vice president and Stephen Schrenk, an associate.
In other CBRE news, Adam Rosenzweig has joined the firm’s Conshohocken office as a first vice president of retail capital markets. Since January, two others have joined the retail capital markets team including senior real estate analyst Alan Jovinelly and senior transaction manager, Anne Williams. John Colussi was promoted to sales associate earlier this year.
The CBRE Philadelphia retail capital markets team, led by executive vice president, Brad Nathanson, focuses on shopping center investment sales within the greater Philadelphia region including New Jersey and Delaware.
Nathanson said, “These three individuals are a tremendous addition for our team combining over 60 years of shopping center operational and transactional experience from the ownership side. Together we feel that the ownership level experience will assist our clients in navigating through all retail operational issues and allow us to represent them at the very highest level.”
“CBRE is pleased to welcome Adam, Alan and Anne to our greater Philadelphia retail capital markets team,” said Robert Walters, executive managing director, CBRE. “This veteran group of professionals has decades of knowledge and experience and we look forward to seeing what they can and will accomplish in 2017 and beyond.”
Rosenzweig brings more than 17 years of commercial real estate experience to CBRE.