Real Estate Journal — Shopping Centers — November 24 - December 7, 2017 — 5C
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Team members Matthew Gorman and Michael Shover represent seller CBRE arranges sale of Royal Farms Convenience Store in NJ for $6.483 million
ellmawr, NJ — CBRE has arranged the sale of a new construc- tion Royal Farms convenience store/gas station located at 12 South Black Horse Pike in Bellmawr. The property was acquired for a sale price of $6.483 million and set a record low capitalization rate for this tenant. CBRE team members Mat- thew Gorman and Michael Shover represented the seller, Mark Bellmawr, LLC, while Stephen Schrenk of CBRE procured the buyer, Hammon- ton 1, LLC, who was in a 1031 exchange. “We were very pleased to set B Levin Pre-Holiday Survey . . . Survey found 85% of shoppers will research products online before making in-store pur- chases, and nine of 10 will visit retailer websites or apps to get product information.” The need to engage cus- tomers digitally does not end when they enter a store, and LMC retailers are providing a variety of tech-centered incen- tives and conveniences this holiday season, Sievwright noted. In fact, of LMC survey respondents who are employ- ing tech-centered marketing tools, 75.8% offer digital cou- pons, discounts and/or loyalty points; 37.2% provide in-store, online ordering (with free ship- ping) for out-of-stock items; and 34.6% have an option to pre-order items online for in- store pick up. Other popular conveniences offered include free Wi-Fi (29.0%) and elec- tronic receipts (28.6%). “Shoppers today use their mobile devices in-store to ac- cess coupons, check avail- abilities and compare prices – so offering digital incentives and strong Wi-Fi signals is smart practice,” Sievwright said. “We also know consum- ers who buy online and pick up in-store often make addi- tional purchases during their visit. We are encouraged by our survey’s indication of strong coordination between our ten- ants’ physical stores and online counterparts.” The LMC survey shows near- ly one-third (32.7%) of respon- dents plan to try something new this year to enhance their customers’ in-store holiday shopping experiences. n continued from page 4C
been on our radar for some time and we’re excited to see the fin- ished product finally coming to market as they’re some of the most sought-after assets on the market, and for good reason.” When discussing the impact of Royal Farms on the mar- ketplace, Gorman and Shover agreed, “We anticipate that as Royal Farms’ brand continues to grow and as more stores open for business, we will con- tinue to see a downward trend in their sold cap rates in com- parison to their competitors.” The store, which is set to open in early November, marks the first New Jersey location
for the Baltimore-based con- venience store company. Royal Farms is replacing Walgreens, which vacated the property in 2016. Gorman and Shover, both senior VPs, lead CBRE’s Net- Lease Property Group Mid-At- lantic Team along with Marc Mandel , a first VP and Ste- phen 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 well in excess of $1.5 billion in net lease properties nationwide. n
Royal Farms
the market for a Royal Farms sale,” said Gorman. “This is not our first foray into uncharted territory as we were also one of the first brokers to sell Sheetz tenanted assets nearly 15 years
ago.” Shover added, “Royal Farms is making an aggressive push into Southeastern PA and NJ, going head-to-head with estab- lished competitors. They have
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