CBRE Arranges $22.7 Million Sale of 18-Property Dollar General Portfolio Across Pennsylvania and Ohio to Realty Income Corp

CBRE has arranged the $22.7 million sale of an 18-property, net-leased retail portfolio totaling 174,078 square feet across Pennsylvania and Ohio, the firm announced July 14. Realty Income Corp Corp acquired the portfolio from Miller Bros. Construction Inc., with all 18 properties fully occupied by Dollar General at the time of closing.

The transaction implies a price of approximately $130 per square foot across the portfolio, which spans 14 communities in Pennsylvania and four in Ohio. The cap rate was not disclosed.

Portfolio Composition and Locations

The 18-property portfolio includes Dollar General stores in Tioga, Bangor, Fawn Grove, Jersey Shore, Bellefonte, Berrysburg, Greencastle, Schellsburg, Oxford, Milan, Hazle Township, Newburg, Burlington and Beaver Meadows in Pennsylvania, as well as Amherst, Waynesburg, Lorain and Vermilion in Ohio.

CBRE Team Represented Both Buyer and Seller

CBRE's Michael Shover, Matthew Gorman, Thomas Finnegan, Robert Thompson and Nick Holtz represented both the buyer and the seller in the transaction.

"Drawing on CBRE's scale and market insight, we successfully matched a complex, multi-state portfolio with a highly qualified institutional buyer," Shover said in a statement. "The execution highlights sustained demand for well-located, net-leased retail investments."

Mark Hoover, President of Miller Bros. Construction Inc., credited the CBRE team's coordination for the outcome. "Michael Shover made a complex transaction involving 18 properties feel manageable from start to finish," Hoover said. "I'm not sure the deal would have closed without his efforts."

Seller and Buyer Background

Miller Bros. Construction Inc. is a construction firm that served as the seller of the stabilized portfolio. The specific circumstances under which the company developed or acquired the properties were not disclosed in the source materials.

Realty Income Corp, listed on the New York Stock Exchange under the ticker O, is a net-lease real estate investment trust known for acquiring long-term, single-tenant properties under triple-net lease structures.

About CBRE

CBRE Group, Inc. (NYSE: CBRE) is headquartered in Dallas and is the world's largest commercial real estate services and investment firm. The company employs more than 155,000 people serving clients in more than 100 countries across advisory, building operations, project management and real estate investment segments.

Sources: CBRE Press Release, July 14, 2026