S hopping C enters N ew J ersey /P ennsylvania

M id A tlantic Real Estate Journal — New Jersey/Pennsylvania — Section B


Gorman, Shover, Finnegan & Thompson broker transactions across 9 US states CBRE’s Mid-Atlantic Net Lease Property Group sells 35 properties totaling nearly $100 Million

REATER PHILA- DELPHIA AND NEW JERSEY — CBRE announced a suc- cessful first half of 2022 for the MidAtlantic Net Lease Property Group comprised of Matthew Gorman, Mi- chael Shover, Thomas Finnegan and Robert Thompson . The team sold 35 properties across nine U.S. states, including many in greater Philadelphia and New Jersey, totaling nearly $100 million in total transac - tion volume. G

ity, closings and closing cap rates,” said Gorman. “The recent spike in interest rates hasn’t helped any product type, however the net lease space is somewhat less sus - ceptible as we transact with buyers who are typically heavy in cash and motivated by factors other than yield,” he added. “Net lease remains the main target for most 1031-ex - change buyers,” said Shover. “Interest rates have and will continue to fluctuate but when an investor is looking for credit tenants with long- term passive leases they typi - cally land in our space, and we see that continuing for the foreseeable future.” MAREJ for a seamless transition for our new customer base.” Investment Real Estate, LLC (IRE) announced the sale of Fairview Self Storage in Woodlyn, PA, to a private buyer. This 10,400 net rentable square foot property, sitting on 1.4 acres, is located in the Philadelphia Metropolitan Statistical Area (MSA). All of Fairview’s 90 traditional drive- up storage units are occupied. Fairview Self Storage is lo - cated on Fairview Rd. which connects to Chester Pike (Rte. 13) and MacDade Blvd.. The property boasts significant management upside and has 300,000 net rentable square feet of remaining demand within three miles. The seller of Fairview had this to say about Matt Rosen- dale , the IRE brokerage advi - sor who brokered this sale, “Fairview Storage would like to thank Matt for his experi - ence in the storage business that guided us through the entire process; he was there every step of the way until settlement. We would recom - mend him to anyone consid - ering selling their storage facility.“ MAREJ

fast-food restaurants – have continued to see strong de - mand. Dollar stores were the most frequently traded, while medical tenanted assets repre - sented over 30% of the team’s total transaction volume in the first two quarters of the year. A noteworthy closing year- to-date was the BluePearl Specialty and Emergency Pet Hospital in Malvern, PA, which sold 50 basis points above list price. Other no - table closings include a CVS Pharmacy in Quakertown, Pennsylvania and a McDon - ald’s in Ramsey, NJ. “Coming off of a banner year in 2021, the first four months of 2022 were much the same in terms of activ - (MSA). The Iowa City MSA is home to the University of Iowa and its subsidiary healthcare institutions in - cluding the largest teaching hospital in the Midwest as well as major employers such as ACT Inc. and Proctor & Gamble’s beauty division. Southside Mini will be operated as an satellite with the Moove In-Tiffin location. Southside Mini adds 19,505 net rentable square feet to Moove-In’s portfolio with 198 non-climate-controlled drive-up units throughout six buildings. This asset will complement the three existing Moove In locations in Iowa City. It will be managed by Investment Real Estate Management, LLC under the Moove In Self Storage brand. The rental office will be remodeled to reflect the Moove In branding, including a retail store, stocked with packing sup - plies and moving boxes. When asked about the ac - quisition, Foran, said “ We are excited to increase our pres - ence in the Iowa City market, through the acquisition of Southside Mini. Our exisiting Iowa City locations will allow

A noteworthy closing year-to-date was the BluePearl Specialty and Emergency Pet Hospital in Malvern, PA. (shown top photo)

JULY 22 - AUG. 18, 2022

The categories that have led throughout the Covid-

affected retail market – dollar stores, drug stores, auto parts,


Moove In Self Storage expands their portfolio into the Carlisle, Pennsylvania


YORK, PA — Moove In Self Storage (MISS) has expanded their portfolio into the Carlisle, PA market. They have acquired Midway Self Storage, now called Moove In Holly Pike. This acquisition will be Moove In’s first prop - erty in the Harrisburg-Carlisle Metropolitan Statistical Area (MSA), the fourth largest MSA in Pennsylvania. Midway Self Storage boasts 150,190 net rentable square feet including 121 climate- controlled units, 524 non-cli - mate-controlled units and 144 parking spaces. This asset, owned by National Storage Affiliates , will be managed by Investment Real Estate Management, LLC under the Moove In Self Storage brand. The property consists of 15 buildings on 32.34 acres of land. It is just minutes away from Dickinson College, Penn State Dickinson School of Law and the United States Army War College. The rental office will be renovated to reflect Moove In branding with a full retail store and updated customer service features. Vice president of operations

8-9B Southern NJ Chapter

Moove In Self Storage Brian Foran , comments, “The acqusition of Midway Self Storage plays a key role in our emergence into the Harrisburg- Carlisle MSA. We are excited to serve the Carlisle area and to provide them with top-tier customer service as well as safe and se - cure storage options. I believe new and existing tenants will find our on-site manager both knowledgeable and attentive to their needs.” In a recent transaction, Moove In Self Storage (MISS) has expanded their portfolio in the Iowa City, IA market. They have acquired South - side Mini Storage which will be the first Moove In facility east of the Iowa River in the Iowa City Metropolitan Area




www.marej.com ifma nj . ............................. 3b CREW NJ......................... 14B southeastern PA ........... 15B

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