4A — June 12 - 25, 2020 — DelMarVa — M id A tlantic Real Estate Journal
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ILMINGTON, DE — CBRE has ar- ranged for the sale Kranzel, Fahey, Hannan and Corcoran market building on behalf of the previous owner CBRE arranges sale of 207,000 s/f class A office building in Wilmington, DE W
the long-term home of the US Bankruptcy Court, along with being an outstanding value-add opportunity at 67% occupancy," said Jerry Kran- zel, senior vice president at CBRE. "Ultimately, we were extremely fortunate to select Chopp Holdings as our buyer, as they performed perfectly despite all of the current chal- lenges in closing transactions." 824 North Market, which boasts 44 parking spaces, was 67% occupied at the time of sale. MAREJ Divaris' Hampton Roads office completes leases and a land sale of six acres VIRGINIA BEACH, VA — D ivaris Real Estate, Inc. (DRE) announced the completion of transactions in Hampton Roads. Corporate Park Associates 8, LC purchased six acres of land located at 220 Corporate Blvd. in Norfolk from FHC Property Holdings, LLC for $2.25 million. V ivian Turok and Jason Oliver repre- sented the buyer in the sale. Corporate Park Assoc. 8 is an affiliate of Robinson Develop - ment Group. Tidewater Physicians Mul- tispecialty Group leased 6,211 s/f of medical office space in the Divaris-leased Harbour Breeze Professional Center, Building 5, located at 1500- 1540 Breezeport Way in Suf- folk. Krista Costa and Ni- cole Campbell represented the landlord in the lease ne- gotiations. The LAB leased 2,375 s/f of industrial space located at 1009 Scenic Pkwy. in Chesa- peake. Costa and Campbell represented the tenant in the lease negotiations. AMG National Trust Bank leased 1,970 s/f of office space in the Divaris-leased Wind- wood Centre located at 780 Lynnhaven Parkway in Vir- ginia Beach. Elizabeth Paas- ch represented the landlord in the lease negotiations. Harvesttime Office Fur- niture renewed its lease for 1,007 s/f of office space in the Divaris-leased Harbour Breeze Professional Center, Building 5 located at 1500- 1540 Breezeport Way in Suf- folk. Costa and Campbell rep- resented the landlord in the lease negotiations. MAREJ
office building is located in the heart of the Wilmington CBD directly across from Wilming- ton’s US District Courthouse. Currently, 62% of 824 North Market’s existing occupancy is General Services Administra- tion tenants, anchored by the U.S. Bankruptcy Court, which occupies 65,941 s/f. The prop- erty also houses retail tenants such as Santander Bank, Brew HaHa! and Jimmy John’s, among others. "We had many buyers who were attracted to 824 North Market St. because of the combination of stability af- forded by the property being
of a class A office building lo - cated at 824 North Market St. in downtown Wilmington to Chopp Holdings of Lakewood, NJ. This was Chopp Holdings’ first acquisition in the State of Delaware. Jerry Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Properties team marketed the building on behalf of the previous owner of 824 North Market St. Built in 1982, the 10-story
824 North Market St.
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