Metzler Real Estate sold the 305,000-square-foot Bellevue Park Corporate Center to The Buccini/Pollin Group for $61.5 million.
Buccini/Pollin is a major developer and landlord in the region, with properties ranging from office buildings to hotels. It has major holdings on the Wilmington riverfront and in downtown Wilmington.
Metzler sold the property on behalf of its sponsored fund, Metzler US Real Estate Fund, which represents German institutional investors.
The Class A office campus features three mid-rise buildings that have attracted a roster of financial services businesses. The location enjoys convenient highway access from the Philadelphia area and is near Bellevue State Park. Its blue chip tenants include Bank of New York Mellon, Cigna, Black Rock and Mastercard.
“Our team’s disciplined approach to investment and asset management led to the successful sale of this asset,” said Don Wise, president and CEO of Metzler Real Estate. “By securing long-term leases with credit-worthy national tenants, we stabilized project occupancy at 98 percent in a competitive market characterized by 88 percent occupancy.”
Cassidy Turley, a commercial real estate services provider, served as the listing broker and represented Metzler in the sale of the property.
Metzler Real Estate provides independent advice and tailored investment services to private and institutional clients investing in key North American real estate markets. It is an affiliate of the Frankfurt-based private investment bank B. Metzler seel. Sohn & Co. KGaA , which was established in 1674. Further information is available at www.metzlerna.com