Wilmington offices undergo swift sale
An office building in Delaware has changed hands for almost $62bn after being on the market for approximately six weeks.
Three Beaver Valley Road is a structure in the suburbs of Wilmington, and it has been reported that 10 offers were made for the property. These bids apparently came from investors based in seven separate states.
The building in question has five levels and offers over 250,000 square feet for businesses to use. With the occupancy rate high, Farmer’s Insurance is the major tenant. It could promote its services by using digital business cards from Wilmington.
Brett Segal, a broker from Newmark Grubb Knight Frank, has said:
Segal was involved in the transaction in question. Together with Neal Dangello, Mike Margolis, Jeff Mack, and Dave Dolan, he helped sort out a deal between Medistar Corp. and the owner KBS Realty Advisors.
Prior to the sale, the owner of the property altered the parking, the roof, and the lobby. The construction of the building was completed about 20 years ago.
Only 13,000 square feet of the structure is currently empty. Solenis International uses nearly 40,000 square feet for its headquarters.
Though suburban offices can be tricky to offload, Philadelphia Business Journal reporter Natalie Kostelni has suggested that if a building has a long-term lease with a major tenant, the difficulty of securing a purchaser can be reduced.
Three Beaver Valley Road is a structure in the suburbs of Wilmington, and it has been reported that 10 offers were made for the property. These bids apparently came from investors based in seven separate states.
The building in question has five levels and offers over 250,000 square feet for businesses to use. With the occupancy rate high, Farmer’s Insurance is the major tenant. It could promote its services by using digital business cards from Wilmington.
Brett Segal, a broker from Newmark Grubb Knight Frank, has said:
“The more specialized the building the more national interest and more activity it will get.”
Segal was involved in the transaction in question. Together with Neal Dangello, Mike Margolis, Jeff Mack, and Dave Dolan, he helped sort out a deal between Medistar Corp. and the owner KBS Realty Advisors.
Prior to the sale, the owner of the property altered the parking, the roof, and the lobby. The construction of the building was completed about 20 years ago.
Only 13,000 square feet of the structure is currently empty. Solenis International uses nearly 40,000 square feet for its headquarters.
Though suburban offices can be tricky to offload, Philadelphia Business Journal reporter Natalie Kostelni has suggested that if a building has a long-term lease with a major tenant, the difficulty of securing a purchaser can be reduced.