- As of the 1st Quarter 2017 CoStar reports Delaware’s retail inventory of almost 30 million square feet operating at a 5.5 percent vacancy rate; this is slightly higher than their reported national retail vacancy rate of 4.8 percent.
- Hunters Crossing Apartments in Newark, Delaware sold on June 1, 2017 for $52.5 million, or $77,206 per unit for its 680 apartment units. The seller was Altman Management Company and the buyer was AION Partners out of New York.
- The 240,780 rentable square foot, 14-story, office building at 802 Delaware Avenue in Wilmington sold on May 24, 2017 for $34 million, or $141 per square foot.
- A large 10.21 acre commercial tract on Coastal Highway in Rehoboth Beach sold in May 2017. This parcel was home to Tomato Junction retail produce stand located next to the Tangier Outlets. It sold for $13.5 million.
- The Walgreens at 5999 Summit Bridge Road, Townsend, Delaware – is a 9,999 square foot, double net leased property that sold on May 25, 2017 for $4.2 million, or a 6.2 percent going-in capitalization rate.
- The Walgreens at 28517 DuPont Boulevard, Millsboro, Delaware – is a 12,000 square foot, double net leased property that sold in May 2017 for $3.65 million, or a 6.6 percent going-in capitalization rate.
- Lidl Grocery – purchased 4.2 acres of land to construct a 36,186 grocery store at 622 E. Pulaski Highway, Elkton, Maryland for $1.55 million on May 5, 2017.
- 913 N. Market Street, Wilmington, Delaware – is a 12-story, office building in the CBD that settled June 19, 2017 for $1,102,500, equivalent to $13.50 per square foot.
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Commercial Real Estate Market Facts – October 2016
- The 4-story office building located at 1000 Uniquema Blvdin New Castle sold in early October 2016 for $2.3 million, or about $38 per square foot.
- Two, suburban office buildings at 242 & 248 Chapman Roadand totaling 143,941 square feet sold in August 2016 for $15.5 million, or $107.68 per square foot.
- A 485,987 square foot industrial manufacturing facility located at 400 Lukens Drivethat was fully leased to Zenith Home Corp. just sold in August for $27.5 million, or $56.59 per square foot.
- 222 Lake Drive in Newark sold in July 2016 for $4.5 million, or about $55 per square foot. This industrial flex building totaled 80,075 square feet on 25.47 acres.
- 701 Pencader Drivein Newark sold in August for a total consideration of $8.34 million for a 151,000 square foot warehouse building that was fully leased to two tenants.
- 31/32 Trolley Squarea 5,760 square foot, three-story, mixed use unit sold in July 2016 for $1,150,000, or almost $200 per square foot.
- The TD Bank ground lease in West Chester, Pennsylvania sold in June 2016 at a 5.26 percent cap rate.
- The Chick-fil-A ground lease in Middletownsold in July 2016 at a 4.25 percent cap rate.
- The AutoZone ground lease on Kirkwood Highwaysold in July 2016 at a 4.25 percent capitalization rate.