A 25,000-square-foot retail property in Jamison, Pennsylvania, has been sold for $12.17 million.
The property, located at the intersection of Route 263 and York Road, is occupied by a Wawa convenience store and gas station and a Tractor Supply center. The site also includes nearly 12 acres of land for future development within a densely populated and affluent demographic submarket.
The property was acquired by ExchangeRight, a provider of diversified REIT and DST investments, from the nationwide development firm ArcTrust. Matthew Gorman and Michael Shover, who led the CBRE Net-Lease Property Group Mid-Atlantic Team, spearheaded the marketing campaign and represented the seller in the negotiations.
“The acquisition was an all-cash transaction with a very sophisticated institutional buyer who was on the hunt for a “high profile” net lease property,” said Gorman. “It was a win-win result as we were able to achieve aggressive pricing and a low cap rate, while fulfilling the buyer’s needs in a tumultuous investment environment.”
Photo courtesy of LoopNet
