M id A tlantic Real Estate Journal — DelMarVa — February 14 - 27, 2020 — 7A


D el M ar V a

By Jay L. White, MAI, CRE ® , Apex Realty Advisory Delaware’s top 10 commercial real estate deals in 2019

Klein Enterprises acquires 45745 Nokes Blvd. Avison Young brokers sale of 95,282 s/f property

exceptional opportunity to acquire a class A flex asset – a premier property with secure in-place cash flows that can be increased further through the lease-up of vacant space.” Avison Young represented the owner. The transaction team was led by Kevill, Mi- chael Yavinsky, Rob Wal- ters and Bert Harrell, prin- cipals at avison young; Matt Weber , senior vice president; and Michael Murillo , vice president. The property is 85% leased to four tenants: Eagle Bank, Inova Healthcare Systems, Raytheon and Barakat Orthodontics. 

Sterling, Va — Avison Young has negotiated the sale of 45745 Nokes Blvd. in Sterling. An affiliate of Klein Enter- prises purchased 45745 Nokes Blvd. for $15.375 million. The property features 95,282 s/f of flex space and is located within The Corporate Office Park at Dulles Town Center. “This is a best-in-class build- ing in one of the nation’s pre- mier submarkets, so it drew considerable interest from investors,” said John Kevill , principal and managing direc- tor for U.S. Capital Markets for Avison Young. “It was an


his past year was a steady and good year for commercial real es-

unit with an overall 53% oc- cupancy rate. 3. Leisure Point Mobile Home Park – 502-unit park in Long Neck, Sussex County sold in September for $44.5 million, or $88,645 per unit. 2. The Retreat – a 169- unit, 597 bed student housing project located in Newark on 15.07 acres of leased land sold in June 2019 for $48 million, or $80,402 per bed. 1. 1007 N. Market Street – is a 283,069 s/f office con- dominium in the Wilmington CBD that is net leased to Chemours for 14 years sold

in June for $84 million, or $297 psf. The largest deal was a sin- gle tenant net leased office sale located in the Wilming- ton CBD to a Chicago invest- ment group. Two property sales above tied at #7 because they both sold for $24 million each. The majority of the in- vestment properties sold were apartments (6) followed by office buildings (3), one hotel, and one modular home park. Jay L. White, MAI, CRE ® is president of Apex Realty Advisory in Wilmington, DE. 

tate transac- tion activity in Delaware. Apex Realty Advisory, an a p p r a i s a l and advisory firm located in Wilming-

Jay L. White

ton, tracked sales activity that occurred throughout in the state in 2019. Below we have summarized the top 10 commercial real estate property sales which sold for greater than $11 million dollars. 10. The Creeks at Mar- shallton – is a 192-unit apartment complex in Wilm- ington that sold in June for $11.9 million, or $61,979 per unit. 9. Four Points by Shera- ton – a six-story, 120-room hotel in Newark sold via a bankruptcy auction sale in May 2019 for $13.9 million, or $115,833 per room. 8. Valley Run Apart- ments – 322-unit apartment in Wilmington sold in August 2019 for $23.3 million, or $84,932 per unit. 7. PNC Bank Center – at 222 Delaware Ave. a 289,303 s/f class A office property in downtown Wilmington sold as REO in October 2018 for $24 million, or $82.96 psf, after the seller (The Variable Annuity Life Insurance Com- pany) purchased the building in October 2017 at sheriff’s sale for $30.8 million. 7. 400 Commerce Dr. – is a 154,086 s/f three-story, of- fice building in Wilmington that was fully, net leased to Comcast for 10 years as their regional call center. It sold in August 2019 for $24 million, or $155.76 psf. 6. The Vinings at Chris- tiana – is a 220-unit mixed market/affordable housing community in Wilmington built in 2001 that sold in No- vember for $24.7 million, or $112,273 per unit. 5. Liberty Square Apart- ments – is a 297-unit complex located in Newark that sold in December for $32.5 million, or $109,427 per unit. 4. Studio Green & Park Place Apartments – two complexes with a total of 614 units on 23.98 acres in Newark sold in May 2019 for $40.96 million, or $66,710 per

Jay L. White MAI, CRE® 101 Brandywine Boulevard Wilmington, DE 19803

P: 302-479-5300• F: 302-397-2403 www.apexrealtyadvisory.com

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