CBRE Group, Inc. (CBRE) is pleased to announce that it has arranged the sale of Tollgate Commons, a 100% occupied, 21,293 square-foot multi-tenant retail center located at 1650 Sumneytown Pike in Lansdale, Pennsylvania for a sale price of $7,200,000.
CBRE’s Matthew Gorman and Michael Shoverexclusively listed the property and represented the seller, a local developer based outside of Philadelphia and the buyer was represented by Keller Williams Commercial out of the Lehigh Valley.
“Tollgate Commons is a low-management multi-tenant retail property in a dominant location that offers more yield than a traditional net lease property, but appeals to a very similar buyer pool due to the passive nature of the investment,” said Gorman. “We’ve been much more active in this segment of the industry as we’ve experienced a strong market response to each opportunity we list for sale.”
“A big challenge for investors in today’s market is finding a high-quality piece of real estate with a good return and little to no management,” said Shover.“In this case we are able to offer all of those characteristics to the buyer pool, generating numerous offers and ultimately closing at 98.5% of the list price.”
Matthew Gorman and Michael Shover, both Senior Vice Presidents, lead CBRE’s Net-Lease Property Group Mid-Atlantic Team along with Marc Mandel, a First Vice President and Stephen 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.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), 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 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate investors and occupiers through more than 400 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.
