Financial terms were not disclosed; however, an overview of the portfolio, which is being marketed nationally by CB Richard Ellis, indicates asking prices in the low-to-mid six-figure range for each of the five properties. Douglas Rodio, VP with CBRE's Philadelphia metro private client group, tells GlobeSt.com that Cavender obtained the properties "at a substantial discount" off replacement costs.

The properties purchased by Cavender are located in the downtown areas of Pottstown, Phoenixville, Mount Penn, Milford and Pittston, PA, and include a total of more than 43,000 sf of office and retail space, including the Wachovia branches. Wachovia, the lead tenant in each property, plans to continue operating in all five locations, where triple-net leases are signed through 2024, according to a release from CBRE. Rodio says he's not in a position to comment on whether the impending acquisition of Wachovia by either Citigroup or Wells Fargo will affect the bank's occupancy of these spaces.

Cavender, which purchased the properties within a 90-day time frame, was looking for a steady income stream with potential to add value, according to the release. "The buyer was attracted to the 'Main and Main' locations in these small towns," Rodio says in the release. "The long-term triple-net leases with Wachovia ensure stability, while an aggressive leasing campaign will help the buyer realize the upside potential of these investments."