16A — May 13 - 26, 2016 — DelMarVa — M id A tlantic
Real Estate Journal
www.marejournal.com
D el M ar V a
Medical Office, Multi-Family & Sussex County Properties “Hot” Delaware Market on the Upswing
ussex County, Dela- ware Market on the Move! S u s s e x County, Dela- ware is still a hot commod- ity when it comes to real estate growth according to broker Ann Bailey, CCIM of NAI Emory Hill ’s Lewes office. “We are experiencing a rise in rental rates in both the of- fice and retail sector, not only along the Route 1 tourist cor- ridor but along the east-west S Ann Bailey
relaxation and recreation, low real estate taxes, affordable living costs, and no sales tax. The need for quality office space is increasing as dem- onstrated by the low vacancy rate of approximately 6-7% along the Route 1 corridor. Rental rates vary based on age and location, and generally new space is renting in the $18-$22/SF range. Retail development is also increasing, with more activ- ity along the Route 1 corridor from the Nassau Bridge to Dewey Beach. Rental rates remain solid and range from $18-$23/SF, again, depending
on age and location. “Look for more national retailers to en- ter our market, another sure sign of positive growth,” Bailey said. For example, Fresh Mar- ket and Bed, Bath & Beyond will be opening early summer on Route 1 in Rehoboth Beach. Announcements of the Bay- health Medical network ex- pansion in Milford and the Beebe Healthcare expansion in the Rehoboth-Lewes area also demonstrate a growing need for medical and health- care facilities and personnel. Increasing Need for Medical Office Space throughout Delaware
There has been somewhat of a pause in the MOB segment due to concerns about consoli- dation, reimbursements , etc. but brokers see this as tempo- rary and expect the need for medical office space to increase over the foreseeable future. “There is simply no deny- ing the increasing needs of our aging population, along with very underserved areas of mental health including Alzheimer’s and dementia care services,” said NAI Emory Hill broker Dave Morrison, CCIM . “This demand will increase from where we are today and be in place for an- other 15-20 years.” To help meet this need, Emory Hill Real Estate Ser- vices was the lead investor to recently acquire Glasgow Medical Center adjacent to the Peoples Plaza shopping com- plex off Route 40 in Glasgow, Delaware and is also handling the brokerage and property management of the medical office building. Several move-in ready medi- cal office suites ranging from 1,475 to 6,800 s/f are available in the 109,000 s/f building located on 11.7 acres at 2600 Glasgow Ave. located minutes from I-95 and Christiana Hos- pital, Christiana Mall and the University of Delaware. The tenant roster is comprised of an Ambulatory Surgery Center, a Medical Aid Unit, laboratory facilities, various specialty medical practices and administrative support functions. Multi-Family Still Going Strong As the home market con- tinues to be showing signs of slower than expected growth, the demand for multi-family housing is still going strong and the supply is continually increasing to keep pace. Spring Hall, a new, 238-acre mixed-use residential devel- opment site is available for sale in Frederica, Delaware. Ann Bailey is representing the land owner. Spring Hall’s site plan is comprised of 935 residential units including 476 single family lots, 309 town homes and 150 twin homes as well as 225,000 s/f of retail land and 110,000 s/f of office land. The development is lo- cated on Route 12 (Johnnycake Landing Rd.) just off Route 113 within the town limits of Frederica. The development “will appeal continued on page 17A
arterials as well,” Bailey said. “Steady economic growth in
the region is driving this increase as more people of al l ages continue to move to our coastal area.” S u s s e x County also
Dave Morrison
saw not only more seasonal, summer visitors than ever before this past year, but an increasing amount of visits during the fall and spring “shoulder” seasons. The attrac- tion continues to be seaside
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