CBRE's Net-Lease Team in Philadelphia, from left: Matthew Gorman and Michael Shover, senior vice presidents, and Thomas Finnegan, associate
PHILADELPHIA, PA—CBRE's Philadelphia-based Net-Lease Properties Team of Matthew Gorman, Michael Shover and Thomas Finnegan sold 97 properties in 2018, totaling more than $251 million.
The completed transactions, most of which are classified as “net lease”, were a mix of restaurants, convenience stores/gas stations, discount stores, day cares, auto parts stores, bank branches and drug stores, spanning 15 states.
The property sales included 24 bank branches, 15 discount stores, 15 day cares and 14 restaurants.
Noteworthy transactions included the $10 million sale of a Capital One Bank branch in New York, a 13-property preschool portfolio in Pennsylvania and New Jersey, which sold for more than $41 million, a $6 million Wawa sale in Philadelphia and a QuickChek in Butler, NJ, which traded for more than $10 million.
“2018 was another momentous year for our team,” says Gorman, a CBRE senior vice president. “Even in the face of higher interest rates, upward cap rate pressure and less 1031 capital in the marketplace we were able to outpace 2017 by closing several larger portfolios along with our tradition net lease inventory. Our team's success is mainly due to specialization and proficiency within our product type.”
“Based on track record and expertise, we have become our clients 'go to' resource for sale leaseback strategy and implementation,” says Shover, also a senior vice president. “Sale leasebacks have seen a tremendous uptick in activity in recent years, and we have urged our clients to take advantage of robust market conditions should they plan to monetize their real estate holdings.”
Gorman and Shover lead the team along with Thomas Finnegan, an associate. The team specializes in the marketing and sale of single and multi-tenant net-lease investment real estate. In their fourteen-year history, the team has sold nearly $2 billion in net lease properties nationwide.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
