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CBRE Facilitates Sale of CVS and Verizon-Occupied Retail Assets in Pennsylvania and New Jersey
CBRE has announced the successful sale of six fully occupied, stand-alone retail properties across Pennsylvania and New Jersey for a total of nearly $22 million.
Among the most high-profile transactions was the sale of two retail buildings leased to Verizon and CVS, located at 314-318 E. Lancaster Avenue in Wayne, Pennsylvania. The buyer, 314-318 E Lancaster LLC, acquired the properties from The Fogel Limited Partnership in an $8.65 million deal.
The transactions were facilitated by CBRE’s Mid-Atlantic Net Lease Property Group, including Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thompson, and Nick Holtz. CBRE’s Ken Bleznak also collaborated with the team to execute the Verizon and CVS transaction.
“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 properties are situated within walking distance of 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, CBRE’s team completed the sale of five additional properties as part of the nearly $22 million portfolio.
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