CBRE Group Inc. (NYSE: CBRE) announced the sale of three retail properties located in the suburban Philadelphia market totaling $14.7 million.
The sales included a 5,051-square-foot standalone property occupied in a long-term lease by Wawa in Wyomissing, Pennsylvania, which sold for $7.37 million and two retail strip centers at Cedar Hill Shopping Center encompassing 19.2 acres in Voorhees, Pennsylvania, that sold for a combined $7.35 million.
The CBRE investment sales team of Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thomson and Nick Holtz collaborated on the transactions, representing a private buyer and seller clients for both sides of the Wawa sale, and a private seller and institutional buyer for Cedar Hill. This marked the second time CBRE listed, sold, and closed on these properties.
“There’s nothing more complimentary than being hired by the buyer that you sold the asset to when they’ve decided it’s time to divest,” said Gorman, a senior vice president at CBRE “We’re known for our proven national marketing process, designed to maximize exposure, engage all buyer pools and deliver the best pricing possible for our clients.”
