Newmark Knight Frank (NKF) today announced the $13.5 million sale of 10.3-acre parcel at the southeast corner of the Coastal Highway (Route 1) and Holland Glade Road.
According to a release from Newmark Knight Frank (NGF), the property is the last large commercial land tract along the Route 1 corridor between Lewes and Rehoboth.
Mike Margolis, Dave Dolan and Neal Dangello of NKF represented the seller, the Corrado Family, LLC in the sales transaction. Coastal Station Development Co., LLC was the buyer.
The site will be redeveloped. The first phase will include a Royal Farms convenience store and Iron Hill Brewery and Restaurant. Plans call for the Iron Hill to open in the summer of 2018.
The area around the site includes the three Tanger Outlet Centers.
Neal Dangello, senior managing director, stated that “NKF was able to achieve the $1.310M+ per acre high-water mark price by creatively structuring a lengthy due diligence period which allowed Coastal Station Development Co., LLC the time to design the project and gain a portion of the approvals prior to closing. As a result, they are able to put shovels in the ground in the coming weeks following settlement.”
Newmark Knight Frank, London-based partner Knight Frank and independently-owned offices have 14,100 professionals who operate from more than 400 on six continents. For further information, visit www.ngkf.com.
NKF is a part of BGC Partners, Inc., a publicly traded company.
