PHILADELPHIA, PA –CBRE Group, Inc., New Jersey’s largest commercial real estate brokerage firm, announced that it has completed the sale of 2120 S. 23rd Street in Philadelphia, PA. Dollar General occupies the 11,685-sq.-ft. building under a 10-year net lease, with two five-year option periods.
Elli Klapper of CBRE’s New York Private Capital Group and Charles Berger of CBRE’s NJ Private Capital Group (PCG) completed the $2.05-million transaction on behalf of the seller.
The building, which was constructed in 1920 and fully renovated in 2012, includes a new roof with a 20-year warranty. Located right off of I-76 and within minutes of Philadelphia International Airport, the site is situated in a densely populated residential and retail area.
“Discount stores like Dollar General are outperforming the rest of the retail market so naturally we’ve seen very high demand for net lease assets with investment grade tenants such as the Dollar General,” said Mr. Klapper. “Properties like this offer a relatively hassle-free transaction in a newly refurbished building with a reputable anchor store.”
CBRE’s Private Capital Group is part of the Capital Markets team and provides services to private real estate investors’ highly specialized investment requirements. With over 85 teams specializing in and dedicated to more than 54 markets across the United States, the Private Capital Group represents private investors in marketing and trading assets uniquely suited to the private capital arena. The group offers acquisition and disposition services, asset review and financial analysis and investment strategy development and due diligence support.
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 (in terms of 2012 revenue). The Company has approximately 37,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.