Lowe’s co-anchors a retail complex at 144 Route 73 in Voorhees. — Courtesy: CBRE
By Joshua Burd
Two net leased retail sites in Monmouth and Camden counties have been sold for a total of more than $25 million, in separate deals arranged by brokers with CBRE.
In a news release, the firm said it represented two regional developers in selling the properties, which include a 168,599-square-foot Lowe’s in Voorhees and a 12,705-square-foot Walgreens in Matawan. They were acquired by an institutional buyer and a regional developer based in the Lehigh Valley, respectively.
Matthew Gorman and Michael Shover of CBRE’s Net Lease Property Group in Philadelphia brokered the deals.
“We were very pleased to execute for two of our best repeat clients,” said Gorman. “Although both trades were net lease investment sales, the process we ran and buyer pool we focused on were very different from each other.”
Built in 2009, the Lowe’s is a co-anchor of Cedar Hill Shopping Center, located at 144 Route 73 in Voorhees, according to a news release. The newly constructed Walgreens sits at 339 Matawan Road in Matawan, immediately off of Exit 120 of the Garden State Parkway.
The properties sold for nearly $25.5 million, the news release said.
“Our concentration on net lease investment sales for over a decade has given us the experience to truly understand the nuances between product types within the industry, raising the probability for a successful outcome for our clients,” Shover said.