A warehouse and adjacent land at 1320 Clifford Brown Walk on the edge of downtown Wilmington have been sold.
The building and two-acre site will be re-purposed into an 80-unit residential development called The Lofts at Clifford Brown Walk, according to a release from real estate services company, NAI/Emory Hill Real Estate Services, New Castle.
The sales price was not disclosed. The property was listed to $8.25 million.
The four-story, 83,000 square foot building is on Clifford Brown Walk, which is near Brandywine Creek.
Located next door to Howard High School of Technology, the building was formerly home to Iron Mountain, Security Archives & Storage Company, and Kaumagraph Corp. Karumagraph is a supplier of interior trim for the automobile industry.
The seller was Sasco Realty Too, Inc. which was represented by Jon Hickey of NAI Emory Hill Real Estate Services. The 132O CBW LLC is an affiliate of Chatham Bay Group, a Wilmington-based development company. The buyer’s agent was Brett DiClemente of Newmark Grubb Knight Frank.
The transaction is part of a continuing pattern of property sales and redevelopment projects taking place in downtown that are focusing on bringing more residents to downtown.
Activity has been concentrated in the Lower Market Street (LOMA) area of downtown and the rapidly developing riverfront.
However, developers are said to be looking at all areas of the sprawling downtown area of Wilmington as the economy stages a steady recovery.
