CBRE announced today that its Net Lease investment sales team, led by Matthew Gorman and Michael Shover, has successfully arranged for the sale of a Bassett Furniture store located at 611 West Dekalb Pike in King of Prussia, Pennsylvania. The 18,000 square-foot property was acquired by Matrix Real Estate Holdings for a purchase price of $11,750,000, or $652 per square foot. CBRE represented the seller, OneCorp, throughout the marketing and sales process. This latest transaction marks the team’s 79th closing in 2017 alone.
“We were excited about another high-profile assignment in one of the best retail markets in the country,” said Gorman. “We were pushing for and achieved a sub-6 percent cap rate which is leading edge pricing for the furniture segment of the industry.”
Shover added, “Through our extensive marketing process we were able to generate national and international interest in the asset from both institutional and private equity sources. In the end, we selected an all-cash fund comprised of foreign equity investors who successfully closed on the transaction without issue.”
Constructed earlier this year, Bassett Furniture is preeminently located at the signalized intersection of Route 202, Forge Road and Allendale Road, across from the King of Prussia Mall, one of the largest, most visited and highest grossing malls in the nation.
DeKalb Pike is home to many national retailers, including the largest Target store on the East Coast. Last summer, Gorman and Shover also sold a Verizon Wireless store just down the road from Bassett Furniture at 715 West Dekalb Pike for $11,100,000, or $1,850 per square foot.
Matthew Gorman and Michael Shover lead CBRE’s Net-Lease team along with Marc Mandel, a First Vice President and Stephen Schrenk, an Associate. The team specializes in the marketing and sale of single and multi-tenant net-lease investment real estate. In their twelve-year history, the team has sold more than $1 billion in net lease properties nationwide.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue).The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide.CBRE offers a broad range of integrated 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.