Net Lease Investors Drive $129M in 1H2018 Property Sales for CBRE
The 58 properties spanned 10 states, including 39 properties in Pennsylvania and seven in New Jersey.
PHILADELPHIA, PA—Passive investors attracted to the low-risk profile of net lease investments helped CBRE’s Mid-Atlantic Net-Lease brokerage team of Matthew Gorman, Michael Shover and Thomas Finnegan notch sales of 58 properties during the first half of 2018, totaling more than $129.7 million
The 58 properties, most classified as “net lease”, were a mix of restaurants, convenience stores/gas stations, discount stores, daycares, auto parts stores, bank branches and drug stores spanning across 10 states, including 39 properties in Pennsylvania and seven in New Jersey.
“The appetite for net lease assets remains strong even as the market is in flux because this product type is still the safest bet for low-risk passive investors,” says Shover.
“Closing transactions in current market conditions requires an excellent job of educating clients, keeping them in tune with the market and allowing them to make informed business decisions,” says Gorman. “Being able to do these things effectively is what sets us apart from the competition.”
Notable transactions included a $10 million-dollar sale of a Capital One Bank branch in Brooklyn, NY; a 13-property sale/leaseback portfolio totaling $41,675,000; a $6 million-dollar sale of a new construction Wawa store on South Street in Philadelphia, PA; and a $5 million-dollar Outback and Carrabba’s property in Turnersville, NJ.
Gorman and Shover, both senior vice presidents, lead CBRE’s Net-Lease Property Group Mid-Atlantic Team with associate Thomas Finnegan. The team specializes in the marketing and sale of single and multi-tenant net-lease investment real estate. In their thirteen-year history, the team has sold more than $1.75 billion in net lease properties nationwide.