18A — August 9 - 22, 2019 — M id A tlantic
Real Estate Journal
M id A tlantic R eal E state J ournal
ILMINGTON, DE — Three buildings at the southwestern cor- The buyer is the Buccini Pollin Group NAI Emory Hill’s Hickey facilitates 3 building sale in Downtown Wilmington’s Market St. Corridor W
hands for over 80 years. In the early 1900's the property served as the U.S. Post Office for Wilmington. In 1915, the seller's grandfather, Mr. Rocco Abessinio (1886-1972) arrived in this country from Bella, Italy. He operated a hat clean- ing and shoe shine business at the site. He was succeeded in ownership by his son, Vito M. Abessinio (1923-2005), aWilm- ington real estate professional and father of the seller. NKF sells $19.5M ($171 psf) office building in Princeton, NJ PRINCETON, NJ — New- mark Knight Frank (NKF ) announced the sale of 1 Inde- pendence Way in Princeton (“1 Independence”), on behalf of Normandy Real Estate Partners . Representing Normandy RE Partners were Kevin Welsh, Brian Schulz and Chuck Kohaut of NKF’s Capital Mar- kets team, with support from leasing broker Steve Tol- kach , who specializes in the Princeton market. The NKF team was also responsible for securing the buyer, Guardian Realty , who assumed the exist- ing CMBS mortgage. 1 Independence is a 113,998 s/f, class A office building that is 100% leased to two investment- grade tenants: S&P Global (Moody’s A3); and Trimble MAPS (formerly ALK Tech- nologies, rated Moody’s Baa3). These tenants offer stable long- term cash flow with 7.6± years of weighted average lease term. With a generational in- vestment in the building’s infrastructure highlighted by $16.1MM in recent capi- tal improvements (including $11.0+MM invested by the tenants), the property offers a highly-amenitized modern work environment with lim- ited near-term capital expo- sure. The property’s visible Rte. 1 location also provides exceptional access to a skilled labor force and an expanding mixed-use environment. “Normandy Real Estate Partners was able to create substantial value by reposi- tioning 1 Independence, driv- en by major capital enhance- ments and the execution of two long-term investment-grade leases,” said Welsh, executive managing director at NKF.
Hill Real Estate Services was the sole broker in the transaction.These proper- ties are strategically located in the southern gateway to Downtown Wilmington and are in the midst of the continu- ally developing Market Street corridor. Nearby neighbors include the NewCastle County Courthouse, Delaware Techni- cal Community College, and the Joseph R. Biden, Jr. Rail- road Station. The seller is a third gen- eration family owner of the property. Remarkably, the asset had remained in family
ner of Fourth and Market Sts. in Down- town Wilm- ington have be en s o l d . Properties lo- cated at 317 N. Marke t Street, 2 W.
Fourth St. and 4 W. Fourth St. were sold by Francis and Margaret Abessinio. The buyer is the B uccini Pollin Group . Jon Hickey of NAI Emory
4 W. Fourth/Market aerial
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