Source: GlobeSt.com, Steve Lubetkin
KING OF PRUSSIA AND LANSDOWNE, PA—A Verizon Wireless store in King of Prussia, PA and Walgreens Pharmacy in Lansdowne have changed hands for a combined price of $20.615 million, in transactions brokered by CBRE Group’s net lease investment sales team led by Matthew Gorman and Michael Shover, both senior vice presidents at CBRE.
A joint venture of Pike 705, a private investor, and Florida-based OneCorp sold the 6,000 square-foot Verizon store, located at 715 W. Dekalb Pike to CFC KOP Properties, a locally based 1031 exchange investor affiliated with Clemens Food Group, according to data obtained from Real Capital Analytics, a proprietary research firm. Built in 2015, the Verizon store is directly across from the main entrance to the King of Prussia Mall. It sold for $11.1 million, or $1,850 per square foot.
“The location of the Verizon store in King of Prussia is simply irreplaceable real estate which demands pricing at the highest end of the market,” says Gorman.
The CBRE team also represented seller S&P (Simon & Peterson) Lansdowne in the Walgreens sale to C&H Investment Company, according to Real Capital Analytics. The 14,800 square-foot Walgreens, a 2016 redevelopment of a historical bank branch located at 2 W. Baltimore Ave. in Lansdowne, PA, sold for $9.515 million, or $643 per square foot.
“At the time of the sale, the property in Lansdowne was the only new 20-year Walgreens Pharmacy available within the Philadelphia MSA,” Gorman says. “Through our national marketing process we were able to attract the buyer from the greater Los Angeles, CA area,” says Shover.