A Dover mid-rise office building is headed to the auction block.
An online auction is slated on Sept. 18-20 for the seven-story First Capital Center, formerly the Duncan Center, at 500 W. Loockerman St. in downtown Dover.
The building has attracted government, congressional offices and other tenants over the years. However, the current occupancy rate is 52%.
The minimum bid is $1,750,000 for the 20-year-old multi-tenant building that is now owned by the former owner’s lender. The website for the auction notes that the overall office vacancy in the Dover area is 5.2%, due to a lack of speculative construction over the years and many Delaware’s state government operations are based in northern Delaware.
As noted in the story link below, the City of Dover eyed the building at one point in 2019. The building was also headed for an auction during that year.
Commercial real estate firm Colliers along with 10-X are handling the auction .
Click here for more information on the auction.
