By Joshua Burd
An investment firm has acquired a 25,000-square-foot retail property about 15 miles west of New Jersey, in Pennsylvania’s Bucks County, under a deal arranged by CBRE.
According to the brokerage team, ExchangeRight paid $12.17 million in the transaction at 1937 York Road in Jamison, which is occupied by a Wawa and Tractor Supply. The parcel also includes nearly 12 acres of land for future development, the listing agents said, touting the region as a densely populated and affluent demographic submarket.
CBRE’s Matthew Gorman and Michael Shover represented the seller, ARCTRUST.
“The acquisition was an all-cash transaction with a very sophisticated institutional buyer who was on the hunt for a ‘high-profile’ net lease property,” Gorman said. “It was a ‘Win! Win!’ result as we were able to achieve aggressive pricing and a low cap rate, while fulfilling the buyer’s needs in a tumultuous investment environment.”
