Did You Know? July 2018

At the approximate midpoint of 2018 we are seeing local transaction remaining robust. We have summarized notable commercial real property sales located throughout Delaware below that have occurred between May and July 2018. Assets summarized below range from apartments, vacant land, retail shopping centers, office buildings, net leased real investments, industrial buildings, self-storage and special purpose properties. Leased investment sales below indicated cap rates from 5.8 to 9.9 percent with an average of 7.66 and median of 7.85 percent.

– 400 Delaware Avenue – is a one-story, 7,550 square foot former bank branch in Wilmington that sold in June 2018 with a 10-year, lease to Bank of America for $1.7 million, or $225 per square foot.

– The Horseshoe – is six unit duplex student housing complex located on E. Cleveland Avenue in Newark that sold in June 2018 for $1.45 million, or $80,556 per bed.

– 100 Paper Place – is a one-story, 43,185 square foot industrial building on 3.08 acres zoned CR that sold in June 2018 for $2.1 million, or $49 per square foot.

– Northeast Plaza – is a 22,240 square foot, strip shopping center located at 1200 Northeast Blvd, Wilmington that sold in May 2018 for $1,825,000, or $82 per square foot.

– Chateau Orleans Apartments – in Wilmington is a 168-unit, garden-style apartment that sold in July 2018 for $15.6 million, or $92,900 per unit.

– The Elms Apartments – is 24 units in Newark that sold in July 2018 for $1,700,100, or $70,838 per unit.

– The Wilmington Loew’s – in New Castle is 28.7 ground leased acres sold in July 2018 for $5.5 million.

– 86 Albe Drive – is a 9,975 square foot industrial building that sold in May 2018 for $1,025,000, or $103 per square foot.

– 14 Garfield Way – is a 42,305 square foot industrial, refrigerated warehouse building on 2.07 acres that sold in July 2018 for $1,700,000, or $40 per square foot.

– 107 Albe Drive – is a 22,970 square foot, multi-tenant, industrial/flex building on 1.69 acres that sold in June 2018 for $2.1 million, or $91 per square foot.

– Liberty Baptist Church – on Red Lion Road in Bear is 8.12 acres improved with a total of 15,211 square feet of buildings that sold in May 2018 for $2,025,000 million, or $133 per square foot.

– 20 acres in the Westown Business Park – located off Merrimac Avenue in Middletown sold in June 2018 for $4,250,000, or $16,100 per unit for a planned 264 unit, garden apartment complex.

– Bunker Hill Professional Centre – located at 102 Sleep Hollow Drive in Middletown is a two-story, 20,853 square foot office that sold in August 2018 for $3,815,000, or $183 per square foot.

– 1050 Industrial Drive – is a two-story, 20.,160 square foot multi-tenant, office in Middletown that sold in July for $1.7 million, or $84 per square foot.

– Former Safe Haven Animal Sanctuary – in Georgetown, Delaware is an 11,500 square foot vacant animal hospital on 13.23 acres that sold in June 2018 at auction for $880,000, or $77 per square foot.

– Barton’s Grand Rental Station & Mini-Storage – in Seaford, Delaware is approximately a 75,000 square foot mini-storage building and a 10,000 square foot retail showroom that sold in July 2018 for $5,125,000, or $60 per square foot.