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.

Jon Hickey

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

REAL ESTATE AUCTION & RESTAURANT EQUIPMENT! 6618 S. DELAWARE AVE., MARTINS CREEK, PA 18063 (CORNER OF PA. RTE. 611) MONDAY, SEPTEMBER 9th @ 10:00 A.M. GREAT INVESTMENT PROPERTY! 3,241 S/F 2 Story Building with Vacant Restaurant & Rented Apartment Plus Rented 2 Bay Garage! Parking for 20 Cars, On .30 Acre.



Real Estate Facts: Northampton County Deed Book 2004-1, Page 150033, Total 4 Pages ▪ PIN H10NWZ-1-5-0317 Zoning: A, Building-1950. Building Class B ▪ New Roof on Main Building 2015, Garage Roof 2013 Main Building, 2 Baths, Bar Area, 3 Dining Areas ▪ Well pump 3 years old. Basement, Concrete Heat: Restaurant-Oil/or Electric, Apartment Electric. ▪ 2nd Floor, 2 BR Apartment, Leased@$895.00 per month Garage 2 Car & Office, Leased@$295.00 per month ▪ Tenants pay their own Utilities. All Property Sold As IS & Where Is! ▪ Contact us for Further Details! *Terms of Real Estate: 1. A non-refundable deposit of Twenty Thousand ($20,000) by the successful and highest Bidder at the time of sale. Balance to be paid upon closing. Closing to be within forty five (45) days, Time being of the essence. No Buyer’s Premium on Package or Real Estate Sale. 2. Possession to be delivered at time of closing. 3. Taxes and other carrying charges shall be adjusted at the time of closing. Closing Cost’s to be divided accordingly. 4. Title shall be good and marketable. Free and clear of all leans and encumbrances. Hire The Commercial, Industrial & Real Estate Auctioneers! Col. Steve Sitar & Co. | Cell: 570-954-7001 P.O. Box 779 Waverly, PA 18471 | PA Lic. AU 2124-L PH: (570) 586-1397 | www.sitarauctions.com | www.auctionzip.com

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