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Real Estate Journal — Shopping Centers — December 24 - January 14, 2016 — 5A
www.marejournal.com
M id A tlantic
Gorman and Shover represent sellers CBRE brokers sale of Rite Aid & Advance Auto Parts in Philadelphia Region for $7.4 million P
hiladelphia, PA — CBRE Group, Inc. (CBRE) has brokered the sale of a Rite Aid Pharmacy and an Advance Auto Parts, both of which are located in the Greater Philadelphia Region. CBRE’s Matthew Gorman and Michael Shover repre- sented the sellers and Kevin McClernon was also instru- mental in helping close the Rite Aid deal. Rite Aid, an 11,211 s/f prop- erty located on Rising Sun Ave., sold for $4.9 million, while Advance Auto Parts’ 7,200 s/f property located in Warmin- ster, went for $2.5 million. Gorman and Shover were able to close the Advance Auto Parts at a market leading cap rate and the Rite Aid deal dur- ing a time when the company’s TEMPLE HILLS, MD — Marcus & Millichap an- nounced the sale of Budget Self Storage, a 65,394-net rentable s/f self-storage facil- ity located in Temple Hills. The asset sold for $4.25 mil- lion. Robert Bloch , self-storage investment specialist, and Michael Mele senior VP investments in Marcus & Millichap’s Washington, DC and Tampa, FL offices, re- spectively, had the listing to market the property on behalf of the seller, a local real estate investor who has owned the property for nearly 20 years. The buyer, a growing self- storage investor with proper- ties in MD and PA, was also brought to the deal by Bloch and Mele. “Since this was a difficult location on a dead end road, it could have been a challeng- ing deal, but we were able to find a buyer who believes in the strength of the area, and has a clear marketing vision to achieve stabilization” Bloch said. “The new owner has a plan to tap into the massive
future was unknown given the announcement of theWalgreens acquisition. “Both of our clients were im- pressed with our execution, but for different reasons,” said Gor- man. “We were able to achieve top of marketing pricing and a very aggressive cap rate on the Advance Auto Parts deal and maintain pricing and assure a closing on the Ride Aid deal even after the announcement of the potential Walgreens MatthewGorman Michael Shover
Rite Aid in Philadelphia
merger.” “The properties both received multiple offers from a national audience of buyers,” added Shover. “The selected for Ad- vance Auto was an out of mar- ket 1031 Buyer and for Rite Aid we selected an all cash buyer putting the property into a
Trust.” Matthew Gorman and Mi- chael Shover (NLPG Philadel- phia) lead CBRE’s Mid-Atlantic net-lease team, specializing in the marketing and sale of single and multi-tenant net-lease in- vestment real estate. In their ten-year history, the
Advance Auto Parts in Warminster under con- struction team has sold more than $1 billion in net lease properties nationwide. n
Pace and Filley represents 1031 Exchange buyer in sale of Union First Market Bank Bloch&Mele of Marcus &MillichapDCoffice arranges 71,608 s/f self-storage sale in Temple Hills, Maryland
Budget Self Storage
Union First Market Bank
MIDLOTHIAN, VA — Marcus & Millichap an- nounced the sale of Union First Market Bank, a 3,500 s/f net-leased property located in Midlothian. The asset sold for $1.95 million, or $557 psf . RichMerryman , senior VP investments, and Bill Scho- field , first VP investment, both in Marcus & Millichap’s San Francisco, CA office, had the listing to market the prop- erty on behalf of the seller, an
institutional fund based out of NY. The 1031 exchange buyer, a full service commercial real estate firm out of Fredericks- burg, was secured and repre- sented by Chandler Pace , investment specialist, and Robert Filley , senior director in the firm’s DC office. Union First Market Bank is located at 13700 Midlothian Tpke. within the expanding retail corridor between Hwy. 288 and 76. n
nearby development and grow- ing demographics in order to hit capacity.” Budget Self Storage is located at 5061 Beech Pl. The property is one mile from the new Town Center at Camp Spring, a mixed use development consist- ing of high density multi-family housing and retail, located at the Camp Springs metro sta- tion. The proposed develop- ment, Suitland Town Center, a community park with retail and
multi-family properties, is less than three miles from the prop- erty. Also, the storage facility is approximately four miles from a new development in Suitland at the corner of Marlboro Pike and Brooks Dr. “Robert’s ability to close this potentially difficult deal demonstrates Marcus & Mil- lichap’s, as well as Robert’s, success and knowledge of the Mid-Atlantic region,” Mele concluded.
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