CBRE’s Mid-Atlantic Net Lease Team Closes Three Retail Property Sales Totaling $14.7 Million in Suburban Philadelphia

CBRE today announced the sale of three retail properties located in suburban Philadelphia, PA totaling $14.7 million. The sales included a stand-alone property occupied in a long-term lease by Wawa at 801 Hill Avenue in Wyomissing, PA which sold for $7.37 million and two retail strip centers at Cedar Hill Shopping Center at 156 Route 73 in Voorhees that sold for a combined $7.35 million. In both cases this was the second time CBRE listed, sold, and closed on these properties.

The CBRE investment sales team of Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thomson and Nick Holtz spearheaded the marketing campaign for each asset, representing a private buyer and seller clients for both sides of the Wawa sale, and private seller and institutional buyer for Cedar Hill in NJ.

“There’s nothing more complimentary than being hired by the buyer that you sold the asset to when they’ve decided it’s time to divest,” said Gorman. “We’re known for our proven national marketing process, designed to maximize exposure, engage all buyer pools and deliver the best pricing possible for our clients.”

801 Hill Avenue is a 5,051 sq.-ft. retail property NNN leased to a Wawa convenience store and gas station. The NNN ground lease structure ensures zero landlord responsibilities, making it an ideal option for 1031 exchanges and passive ownership. Strategically located at the intersection of Penn Avenue and Park Road, the property benefits from combined traffic counts exceeding 29,000 vehicles per day and proximity to major highways including I-422, I-222, and Bus-222. This Wawa property is part of The Knitting Mills, a $200 million, 54-acre mixed-use redevelopment project that hosts UGI Energy Services’ Corporate Headquarters, Teleflex International’s latest lab, R&D, and manufacturing facility, Tower Health’s main campus, and more.

Located at 156 Route 73 in Voorhees, NJ units three and four are within the Cedar Hill Shopping Center, a 19.2-acre shopping center with parking for nearly 1,700 vehicles in a Major Business Zone district along Route 73. Cedar Hill is anchored by BJ's Wholesale Club, Lowe's Home Improvement and shadow-anchored by a brand-new ALDI.

Unit three sold for $2.45 million and consists of a 6,205 sq.-ft. property that is 100% occupied by a diverse mix of food & beverage, merchandise and service provider tenants including AT&T, Nails 'R Us, Wayback Burgers, Great Clips and Mochinut. The NNN leases and fee simple/condo structure creates a passive ownership experience for the landlord as the condo association administers all the common area maintenance/repairs and bills the condo unit owners on a pro-rata basis which is then passed along to the tenants for reimbursement. Unit four sold for $4.91 million and is a 10,686 sq.-ft. property housing a Starbucks, Livani Jewelry, The UPS Store, Orangetheory Fitness and The Vitamin Shoppe.