Houston-based Medistar Corp. announced this week that it had entered the mid-Atlantic market with the purchase of 3 Beaver Valley Road in Wilmington, Delaware for $61.8 million. The property was soldy by an entity controlled by KBS Realty Advisors. Newmark Grubb Knight Frank Capital Markets represented both the buyer and seller in the transaction.
"It is no surprise that this office building attracted multiple offers from a number of capable buyers across the country, given its well-established anchor tenant and proximity to many corporate headquarters," said Newmark Grubb Knight Frank's David Dolan, a senior managing director in the Philadelphia office, who helped arrange the transaction. "3 Beaver Valley Road had been maintained by a leading institutional owner with the level of amenities associated with first-class properties and also will benefit from the quickly improving economy in the area."
The 264,000-square-foot office building was 94% occupied at the time of sale with Farmers Insurance Exchange as the anchor tenant following significant recent lease-up efforts by Newmark Grubb Knight Frank. Built in 1995, the five-story property was recently improved with a renovated lobby, repaved parking lot and a new roof. The 18-acre site sits next to Brandywine Creek State Park and is near the intersection of Routes 202 and 92, about 25 miles south of Philadelphia.
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