Did You Know – July 2017
- According to the Wall Street Journal, the median size of a new single-family home declined for the first time since 2009, slipping two percent to 2,422 square feet in 2016. This is only the third time in the last 20 years that it has fallen, according to U.S. Census Bureau.
- The Wall Street Journal reported that about 854,000 new-owner households were formed during the first three months of 2017, more than double the 365,000 new-renter households, according to U.S. Census data. This was the first time in a decade that there were more new buyer households created than renter households.
- As of midyear 2017 CoStar reports Delaware’s retail inventory of 30.3 million square feet was operating at a 5.0 percent vacancy rate; down from 6.2 percent reported a year earlier but slightly higher than the reported national retail vacancy rate of 4.8 percent.
Recent, larger commercial real estate sales in Delaware include:
The Astra Zeneca north campus at 1800 Concord Pike in Wilmington, Delaware sold on June 30, 2016 as part of a sale leaseback. The property consists of a variety of inter-connected buildings containing 500,000 rentable square feet plus structured parking on about 80 acres.
Mill Creek Mobile Home Park with 770 pads on 117 acres sold to a group out of Michigan for $42,354,150, or $55,000 per pad.
Tri-State’s Self-Storage three property portfolio located in New Castle County totaling over 2,400 units sold June 20, 2017 for $40.25 million to iStorage.
1303 Delaware Avenue is a 15-story apartment with 231 units located in Trolley Square that sold July 27, 2017 for $39.25 million or $169,913 per unit.
Autumn Park Apartments in Newark, Delaware sold on July 10, 2017 for $35.5 million, or $99,162 per unit for its 358 apartments.
124 Sleepy Hollow Road, Middletown, Delaware is a 30,000 square foot, two-story, medical office building that sold on June 14, 2017 for $7.5 million, or $250 per square foot.
Linkside in Magnolia is three properties in Kent County, Delaware that sold in July 2017 for $15 million. It included a 39,000 square foot shopping center, an independent gas station, a 60-unit apartment and a 10 unit rental townhouse complex.
A 10.21 acre commercial tract which was the former home to Tomato Junction retail produce stand on Coastal Highway in Rehoboth Beach sold in May 2017 for $13.5 million.
300 Executive Drive in Pencader Business Park – sold in May 2017 to Del Monte Fresh Produce for $6.5 million, or $36.47 per square foot.
The University Commons Apartments in Newark is a 32 unit complex on two acres that sold for $6.2 million, or $193,750 per unit.