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CBRE Arranges Sales of CVS, Verizon Occupied Assets in Pennsylvania
CBRE today announced the sale of six fully occupied, stand-alone retail properties in Pennsylvania and New Jersey for nearly $22 million.
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 properties 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.
