CBRE Group, Inc. (CBRE) announced today that the Net Lease investment sales team led by Matthew Gorman and Michael Shover, both Senior Vice Presidents at CBRE, have arranged the sales of a Verizon Wireless store in King of Prussia, PA and Walgreens Pharmacy in Lansdowne for a combined price tag of $20,615,000. CBRE represented the seller (Pike 705, LLC) and the buyer, a locally based 1031 exchange investor, in the Verizon transaction and the seller (Moreland Development, LLC) in the Walgreens sale.

Built in 2015 the 6,000 square-foot Verizon store, located at 715 W. Dekalb Pike directly across from the main entrance to the King of Prussia Mall, sold for $11,100,000 or $1,850 per square foot.

“The location of the Verizon store in King of Prussia is simply irreplaceable real estate which demands pricing at the highest end of the market,” said Gorman. “Our client was very pleased as we were able to execute and close the asset where other brokers had previously attempted and not succeeded,” added Shover.

The 14,800 square-foot Walgreens, a 2016 redevelopment of a historical bank branch located at 2 W. Baltimore Ave. in Lansdowne, PA, sold for $9,515,000 or $643 per square foot.

”At the time of the sale, the property in Lansdowne was the only new 20-year Walgreens Pharmacy available within the Philadelphia MSA,” said Gorman. “Through our national marketing process we were able to attract the buyer from the greater Los Angeles, CA area,” added Shover.

Matthew Gorman and Michael Shover lead CBRE’s Net-Lease team along with Marc Mandel, a First Vice President and Stephen Schrenk, an Associate. The team specializes in the marketing and sale of single and multi-tenant net-lease investment real estate. In their twelve-year history, the team has sold more than $1 billion in net lease properties nationwide.

About CBRE Group, Inc.

CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.