CBRE today announced that Matthew Gorman, Michael Shover, Thomas Finnegan and Robert Thompson—the Philadelphia-based arm of CBRE’s Net-Lease Properties team—sold27 properties during the first half of 2019, totaling $104,430,491.

The completed transactions, most of which are classified as “net lease”, were a mix of restaurants, convenience stores/gas stations, discount stores, veterinary clinics, fitness centers and drug stores, spanning across twelve states, including seven in Pennsylvania and five in New Jersey.

Noteworthy transactions included the $24 million sale of a two-tenant retail condo property in Philadelphia, Pennsylvania; a national gym located in Fort Washington, Pennsylvania which traded for over $9 million; four Wawa and Sheetz gas station/convenience stores totaling more than $22.9 million; and eight discount stores (Family Dollar and Dollar General) totaling over $9.8 million.

“It was a slow start to the year with interest rates on the rise through the end of 2018,” said Gorman. “The tide turned in our direction, which boosted our activity substantially and resulted in a successful first half of the year.”

“As real estate valuations in product types such as apartments, office and industrial made a comeback, the number of 1031exchange buyers and capital chasing our product type increased,” added Shover.“We pride ourselves in our knowledge and expertise of tax-deferred exchanges and look forward to continuing to assist our clients with their real estate needs.”

Matthew Gorman and Michael Shover lead the CBRE Net-Lease Property Group Mid-Atlantic Team along with Thomas Finnegan and Robert Thompson, both Associates. The team specializes in the marketing and sale of single and multi-tenant net-lease investment real estate. In their fifteen 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 2018 revenue). The company has more than 90,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 480 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.