Team Predicts 2020 Will Be Another Milestone Year
CBRE today announced that Matthew Gorman, Michael Shover, Thomas Finnegan and Robert Thompson—the Philadelphia-based arm of CBRE’s Net-Lease Properties team— closed 62 properties in 2019, totaling more than $329 million, which is a 31% increase in dollar volume over 2018.The team is well-positioned to have another milestone year in 2020, with over 60 properties currently on the market and nine under contract, equaling nearly $240 million.
Completed 2019 transactions, most of which are classified as “net lease,” were a mix of restaurants, convenience stores/gas stations, multi-tenant centers, discount stores, auto parts stores, bank branches and drug stores, spanning across 13 states. The property sales included 13 gas/convenience and auto stores, 10 discount stores and 11 restaurants. Noteworthy transactions included the $24 million sale of the Wawa and Davita located in the Public Ledger Building in Philadelphia; LA Fitness in Fort Washington, PA which sold for more than $9 million; and a $4.2 million McDonald’s sale in Wyomissing, PA.
“The net lease market had a sluggish start in 2019 due to higher interest rates in comparison to today,” said Gorman, Senior Vice President, CBRE. “2020 is starting in a much better position, so we’re very optimistic about this year.”
“Interest and offer activity levels are strong heading into the new year,” added Shover, also a Senior Vice President. “Sales of alternative property types such as apartments keep the 1031 exchange market as vibrant as we’ve seen at any point in recent history.”
Matthew Gorman and Michael Shoverlead the CBRE Net-Lease Property Group Mid-Atlantic Teamalong with Thomas Finneganand 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 over $2.2 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.
