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Real Estate - Commercial

Real Estate High Dollar

By Cece Nunn, posted May 22, 2015
A 6,000-square-foot building occupied by a Verizon Wireless store on South College Road sold earlier this year for $3.35 million. (Photo by Cece Nunn)
An Ohio-based firm bought a 6,000-square-foot building occupied by a Verizon Wireless store on South College Road for $3.35 million in a sale that joins a long list of high-dollar commercial transactions that took place in the first five months of 2015.

An outparcel of the Lowes Home Improvement- and Sam’s Club-anchored University Centre, the store was formerly home to a Bennigan’s restaurant. The seller, WHC Realty Associates, redeveloped the building in 2006 as a build-to-suit for Verizon, according to a recent announcement from Coldwell Banker Commercial Sun Coast Partners. The Verizon store has leased the building since then.

The buyer, GS University Centre Outparcel LP, is a firm associated with DDR Corp., a real estate
investment trust that owns and manages more than 400 shopping centers, including University Centre.

“I think it was a good deal all the way around and indicative of stabilization coming back to the commercial real estate market in Wilmington,” said John Lennon, a broker and partner in  Coldwell Banker Commercial Sun Coast Partners. “There’s a lot of demand for income-producing properties, and that is a very good one.”

The Verizon store is located at 318 S. College Road in University Centre.

Here are some other high-priced deals so far this year, according to recent deeds:

                                      

                                     
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