CBRE’s Mid-Atlantic Net Lease Property Group Sells 35 Properties Totaling Nearly $100 Million

29 Jun 2022

Mid Atlantic Net Lease

CBRE today announced a successful first half of 2022 for the Mid-Atlantic Net Lease Property Group comprised of Matthew Gorman, Michael Shover, Thomas Finnegan and Robert Thompson. The team sold 35 properties across nine U.S. states, including many in greater Philadelphia and New Jersey, totaling nearly $100 million in total transaction volume.

The categories that have led throughout the Covid-affected retail market – dollar stores, drug stores, auto parts, fast-food restaurants – have continued to see strong demand. Dollar stores were the most frequently traded, while medical tenanted assets represented over 30% of the team's total transaction volume in the first two quarters of the year.

A noteworthy closing year-to-date was the BluePearl Specialty and Emergency Pet Hospital in Malvern, Pennsylvania, which sold 50 basis points above list price. Other notable closings include a CVS Pharmacy in Quakertown, Pennsylvania and a McDonald’s in Ramsey, New Jersey.

“Coming off of a banner year in 2021, the first four months of 2022 were much the same in terms of activity, closings and closing cap rates,” said Gorman. “The recent spike in interest rates hasn’t helped any product type, however the net lease space is somewhat less susceptible as we transact with buyers who are typically heavy in cash and motivated by factors other than yield,” he added.

“Net lease remains the main target for most 1031-exchange buyers,” said Shover. “Interest rates have and will continue to fluctuate but when an investor is looking for credit tenants with long-term passive leases they typically land in our space, and we see that continuing for the foreseeable future.”

Matthew Gorman and Michael Shover lead the CBRE Net-Lease Property Group Mid-Atlantic Team, specializing in the marketing and sale of single and multi-tenant net lease investment real estate. In their combined 40 plus year history, the group has sold more than $2.7 billion in net lease properties nationwide.

Currently, the team has over 45 properties worth more than $200 million available or under contract.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of 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