Cedar Hill Shopping Center, Unit 4, at 156 Route 73 in Voorhees — Courtesy: CBRE
By Joshua Burd
An institutional investor has acquired three triple-net-leased retail properties in suburban Philadelphia, including two in Voorhees, in a series of deals arranged by CBRE.
The two South Jersey assets, located at 156 Route 73, are part of the 19.2-acre Cedar Hill Shopping Center anchored by BJ’s Wholesale Club and Lowe’s Home Improvement, according to a news release. The private seller reaped a combined $7.36 million in the trade of units three and four, which span 6,205 and 10,686, respectively, and are part of a fee-simple condominium structure in which a condo association administers all common area maintenance and repairs and bills the unit owner, which then passes the costs to tenants for reimbursement.
Tenants at unit three include AT&T, Nails ‘R Us, Wayback Burgers, Great Clips and Mochinut, CBRE said. Unit four houses a Starbucks, Livani Jewelry, The UPS Store, Orangetheory Fitness and The Vitamin Shoppe.
CBRE’s Matthew Gorman, Michael Shover, Thomas Finnegan, Robert Thomson and Nick Holtz represented both parties in the deal, as they did for the third property. In that deal, a private buyer paid $7.37 million for a net-leased, 5,051-square-foot Wawa convenience store and gas station at 801 Hill Ave. in Wyomissing, Pennsylvania.
In both cases, it was the second time CBRE listed, sold and closed on the properties.
“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,” Gorman said. “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.”
