CBRE announced that it has arranged for the sale of Courthouse Square and Rockwood Office Park.
Courthouse Square is the former Alico building in downtown, while Rockwood is located outside the city.
The sales price was not disclosed, although Commercial Real Estate Direct reported the value of the two transactions at nearly $28 million. The seller was identified as a unit of AIG, a large insurance company that operated Alico (now Met Life).
The buyer was Real Capital Solutions for an undisclosed sale price. Real, based in Colorado, has a portfolio of properties valued at $1.5 billion.
CBRE Capital Markets’ Institutional team members Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran represented the seller, Pine Street Real Estate Holdings Corp. & Rockwood Office Park Associates, L.P., in the marketing and sales negotiations.
Click here for previous story on the Alico Building/Courthouse Square
CBRE’s John Kaczowka, Brian Hopkins, and Dan Reeder, all of whom are based in the firm’s Wilmington office, also assisted with the sale. Joe Bowar and Scott McDonald of Real Capital Solutions represented the buyer.
Located at 600 North King Street, Courthouse Square is a 162,212 square foot. newly renovated Class A office building near the New Castle County Courthouse and convenient to the SEPTA’s Wilmington Train Station.
The 10-story property recently saw the completion of more than $10 million in renovations and since 2016, has signed more than 70,000 square feet of new leases.
Rockwood Office Park – which consists of three, three-story office buildings totaling 204,725 square feet – is located at 501, 503 and 505 Carr Road.
The campus was most recently renovated in 2006.
“We are pleased to have sourced Real Capital Solutions first investments in the Wilmington market, and, in fact, in the entire Philadelphia region,” said Jerry Kranzel, senior vice president in CBRE’s Philadelphia based Institution Office sales team. “The ability to acquire two assets simultaneously will allow Real Capital Solutions to have critical mass in the region immediately.”
“Typical of our strategy we are able to buy value-add deals for attractive pricing. This allows us to offer tenants excellent lease value and generous tenant improvement allowances if their business needs it. Our business is highly entrepreneurial, and we can respond very quickly to client needs,” said Marcel Arsenault, CEO of Real Capital Solutions.
