Patterson-Woods Commercial Properties/CORFAC International Facilitates Sale of 42,048 SF Multi-family Building in Wilmington, DE
Photo of 521 N King StreetWilmington, DE (January 26, 2021) – Patterson-Woods Commercial Properties/CORFAC International, a leading full-service commercial real estate provider serving the Mid-Atlantic market, today announced the completion of the sale of a commercial building located at 521 N King Street in Wilmington, DE. The building, which sits on 0.24 acres running from King Street to Market Street, measures 42,048 sq. ft. square feet and is 5 stories high with 42 apartment units of various layouts.
The property was sold by Delaware College of Art & Design (DCAD) to Yada Properties of New Jersey. CBRE represented DCAD in the transaction. Yada Properties is a real estate investment and full-service property management firm that operates throughout Delaware and New Jersey with a primary focus in the multi-family sector.
Chris Moore, CCIM, a principal at Patterson-Woods, represented the buyer in this transaction. According to Jean Dahlgren, DCAD President, “Chris was not only instrumental to helping us navigate the complexities of the due diligence process but was also a real pleasure to work with.”
The building was formerly Mullins Men’s clothing store, which eventually became Miller’s Furniture, before being converted to apartments in 1986. These apartments, known as the Saville Apartments, were most recently used as student housing for DCAD, along with a student lounge.
“The sellers found themselves in a position where they had excess housing during the COVID-19 crisis, and the buyers wanted to expand their Wilmington investment portfolio. Because of the cooperative nature of both parties, we were able to complete the transaction in a smooth and timely manner,” said Moore.
The new owners plan to renovate the building in 2021. The unique 1917/1919 exterior façade will be preserved while the 42 apartments undergo renovations. Additionally, updates will be made to the King Street lobby and common areas. The apartments will feature one-bedroom and two-bedroom units, many of which are two level. Some will have access to a courtyard.
Since its establishment in 2014, Yada Properties has expanded its portfolio with carefully selected strategic acquisitions and a hands-on management approach. The company owns and operates rental apartments in more than a dozen apartment buildings.
About Patterson-Woods Commercial Properties/CORFAC International
Patterson-Woods Commercial Properties/CORFAC International is a leading commercial real estate services firm specializing in the Mid-Atlantic commercial property markets. We have been providing the most complete selection of commercial real estate services to the communities of Delaware, Maryland and Pennsylvania for over 50 years. Patterson-Woods Commercial Properties is a second generation company well-known for facilitating solutions to the needs of the business community and developers of real property. For more information on Patterson-Woods/CORFAC International, contact the company’s Wilmington, Delaware headquarters at 302-622-3500 or visit www.pattersonwoods.com.
About CORFAC International
CORFAC International is a global network comprised of privately held entrepreneurial commercial real estate firms with expertise in office, industrial and retail brokerage, tenant and landlord representation, investment sales, multifamily, self-storage, acquisitions and dispositions, property management and corporate services. Our members frequently collaborate across markets to offer unmatched service to clients and provide top-level commercial real estate advisory expertise. Firm principals are involved in every transaction, adding value and best-in-class service to each client interaction. Founded in 1989, CORFAC has 75 offices in the U.S., Canada and international markets, including Australia, France, Germany, Ireland, Italy, Japan, Malaysia, Netherlands, Romania, Russia, Singapore, South Korea, Switzerland, Thailand and United Kingdom. CORFAC offices collectively close an average of 10,000 lease and sales transactions valued in excess of $9.0 billion annually, totaling 500 million square feet closed and 65 million square feet managed worldwide. Contact CORFAC at (224) 257-4400 or www.corfac.com.
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