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Real Estate - Commercial

Investor Buys City Block At 16th And Greenfield Streets

By Cece Nunn, posted Sep 13, 2019
An investor recently bought the property at 1507 Greenfield St. in Wilmington. (Photo from Loopnet.com)
An investor purchased the property at 1507 Greenfield St. in Wilmington, a full city block that could one day be redeveloped into a new use.

The seller was BellSouth Communications, now owned by AT&T, said Hansen Matthews of Maus, Warwick, Matthews & Co., who represented AT&T along with Matt Pufant of JLL.

The price was $690,000.

"This sale was one of hundreds of surplus facilities which they're [AT&T] selling around the country after their merger with Time Warner, now Spectrum, in the summer of 2018," Matthews said in an email. "The $85 billion merger created many surplus properties and this service/parts distribution center situated on 3 acres was one of those properties."

The buyer, 1507 Greenfield LLC, is leasing the property back to AT&T for the next three years, Matthews said. 

Maus, Warwick, Matthews & Co. marketing materials for the property stated, "The main value here [is] in the land, one full 3-acre city block which includes the northwest corner of 16th & Greenfield Street intersection.

"The buyers may wish to continue to use this facility for office/distribution from a midtown location or they may wish to redevelop this site for restaurants & retail."

 
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