Newly re-developed retail center in Dover up for sale

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Institutional Property Advisors, a division of Marcus & Millichap, is offering for sale the Dover Town Center, a redeveloped 110,155-square-foot retail center in Dover.

“Newly renovated, Dover Town Center’smodern and attractive architecture provides a desirable shopping environment for customers in a market starved of national soft-goods brands,” says Dean Zang, senior managing director. “These retailers draw from over a 20-mile radius in the Delmarva region.”

Zang, David Crotts, director, and Christopher Burnham, associate, are representing the seller, a joint venture between Pennsylvania-based Onix Group and Maryland-based Birchwood Capital Partners.

“Over 85 percent of the center’s base rental revenue is from national tenants such as Ross, Ulta Beauty, Shoe Carnival, Petco, Outback Steakhouse, Carter’s, Five Below, Lane Bryant and Comcast,” Crotts stated. “The weighted average remaining lease term exceeds 8.5 years, which makes this a highly stable asset,” notes Burnham.

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The property is located along North DuPont Highway, U.S. Route 13. The site formerly housed a Walmart.

“The Walmart was undersized and subsequently moved northwards of the site,” Zang stated.

Dover Mall, Dover Downs Shopping Center, North Dover Shopping Center, Dover Downs Hotel & Casino and Dover International Speedway effectively neighbor are located nearby.

Delaware Technical Community College and Wilmington University’s Dover campus are both less than a mile away.

Dover Town Center is anchored by a 25,000-square-foot Ross and is adjacent to a 122,000-square-foot Sam’s Wholesale Club.

Donald R. MacLaren, Jr. is Marcus & Millichap’s broker of record in Delaware.

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