CBRE today announced that Matthew Gorman, Michael Shover and Thomas Finnegan—the Philadelphia-based arm of CBRE’s Net-Lease Properties team—sold 97 properties in 2018, totaling more than $251 million.
Matthew Gorman, Michael Shover and Thomas Finnegan
The completed transactions, most of which are classified as “net lease”, were a mix of restaurants, convenience stores/gas stations, discount stores, day cares, auto parts stores, bank branches and drug stores, spanning across 15 states. The property sales included 24 bank branches, 15 discount stores, 15 day cares and 14 restaurants. Noteworthy transactions included the $10 million sale of a Capital One Bank in New York City, a 13-property preschool portfolio in Pennsylvania and New Jersey, which sold for more than $41 million, a $6 million Wawa sale in Philadelphia and a QuickChek in Butler, New Jersey which traded for over $10 million.
“2018 was another momentous year for our team,” said Mr. Gorman, Senior Vice President. “Even in the face of higher interest rates, upward cap rate pressure and less 1031 capital in the marketplace we were able to outpace 2017 by closing several larger portfolios along with our tradition net lease inventory. Our team’s success is mainly due to specialization and proficiency within our product type.”
“Based on track record and expertise, we have become our clients ‘go to’ resource for sale leaseback strategy and implementation,” added Mr. Shover, also a Senior Vice President. “Sale leasebacks have seen a tremendous uptick in activity in recent years, and we have urged our clients to take advantage of robust market conditions should they plan to monetize their real estate holdings.”
Matthew Gorman and Michael Shoverlead the CBRE Net-Lease Property Group Mid-Atlantic Teamalong with Thomas Finnegan, an Associate. The team specializes in the marketing and sale of single and multi-tenant net-lease investment real estate. In their fourteen year history, the team has sold nearly $2 billion in net lease properties nationwide.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
