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.
Technology is Necessary, but Relationships Bolster Business in Uncertain Times
Patterson-Woods Principal, Joseph Latina, shares his thoughts on maintaining successful business relationships in the latest issue of Mid Atlantic Real Estate Journal (MAREJ).
Insightful article by Patterson-Woods Commercial Properties/CORFAC International Principal and CORFAC President, Joseph Latina, and members of CORFAC International.
As seen on wmre.com
See what we’ve been up to in our latest newsletter, detailing company news, recent transactions, and more. https://conta.cc/2MIMdQn
SOLD – SELLER REP
2801 PULASKI HIGHWAY, NEWARK, DE
Joseph Latina represented the seller, Beacon la Grange, LLC, in the sale of a 5.25 AC parcel of retail land at 2801 Pulaski Highway in Newark, DE.
SOLD – SELLER & BUYER REP – BUSINESS & PROPERTY
2801 PULASKI HIGHWAY, NEWARK, DE
Joseph Latina and Will Minster represented the seller, Rose Beginnings, LLC, and Tyler Foresta and Mary Ann Heesters represented the buyers in the sale and pruchase of a business known as The Doghouse Restaurant located at 1200 N DuPont Highway in New Castle, DE. Additionally, Joseph Latina and Tyler Foresta represented both the seller, Sloan Brothers Enterprises, and the buyers in the sale and purchase of this retail property.
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Tyler Foresta and Joseph Latina represented the seller, Zero Concord Ave, LLC, in the sale of a 0.10 AC parcel of land at 0 Concord Pike in Wilmington, DE.
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SOLD – SELLER REP
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Chris Moore, CCIM, represented the seller, KT Associates, in the sale of a 12,575 sq. ft. office/industrial building at 20 Germay Drive in Wilmington, DE.
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Greg Ellis, CCIM, represented the landlord, Rogers Road, LLC, in the lease of a 3,000 sq. ft. office/industrial space at 103A Rogers Road in New Castle, DE.
LEASED – LANDLORD
103A ROGERS ROAD, WILMINGTON, DE
Greg Ellis, CCIM, represented the landlord, Rogers Road, LLC, in the lease of a 3,000 sq. ft. office/industrial space at 103A Rogers Road in New Castle, DE.
We would like to wish our colleagues, clients, friends and family a happy and joyous holiday season and to extend our heartfelt thanks to all of you for your continued support throughout this uniquely challenging year. We hope that your holidays will be filled with happiness, health and prosperity now and throughout the New Year.
Patterson-Woods Commercial Properties/CORFAC International Principal Joseph Latina Will Transition to President of CORFAC International in January 2021
Wilmington, DE (December 14, 2020) – Patterson-Woods Commercial Properties/CORFAC International is pleased to announce that Joseph Latina will transition to President of CORFAC International, a global network of independently owned commercial real estate firms, in January 2021.
Latina has been on the executive board of CORFAC International for several years and has served as chairman of the Affiliations Development Committee, Treasurer, and most recently, Vice President of the organization during the 2020 term.
Latina brings over 30 years of commercial real estate expertise to CORFAC International, and is recognized as an industry expert, thought leader, resource, and friend to those within the organization as well as his regional and local clients and peers. In his new role, he will oversee the operations, objectives and goals of the CORFAC Executive Committee, member firms, and staff.
“It is with great humility that I accept the role as 2021 CORFAC International President. It is truly an honor to be given the opportunity to lead this great organization that has provided my firm and I with a multitude of resources, business-partnerships and lifelong friendships. I look forward to continuing the work of my predecessors, while bringing new initiatives to the organization as we progress through one of the most challenging times of our lives,” said Latina.
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.
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. www.corfac.com
Local Press contact: Allison Terranova | 302.622.3506 | terranova@pattersonwoods.com
SOLD – SELLER REP
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Greg Ellis, CCIM, represented both the sellers, Joseph O’Donnell and Jeffry Cohen, and the buyer, Greenhill Bakery, LLC, in the sale and purchase of a 47,600 sq. ft. building at 2006 Rodman Road in Elsmere, DE.
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SOLD – SELLER REP
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SOLD – SELLER REP
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LEASED – LANDLORD REP
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Chris Moore, CCIM, represented the landlord, Star Property Management, LLC, in the lease of a 9,000 sq. ft. industrial space at 134B Sandy Drive in Newark, DE.
LEASED – TENANT REP
95 WILMINGTON WEST CHESTER PIKE, CHADDS FORD, PA
Joseph Latina and Mary Ann Heesters represented the tenant, Concord Taphouse, LLC, in the lease of a 3,500 sq. ft. retail space in Garnet Valley Plaza Center at 95 Wilmington West Chester Pike in Chadds Ford, PA.
FOR SALE – OFFICE BUILDING
3101 LIMESTONE ROAD, WILMINGTON, DE 19808
Available: 6,000 +/- SF / 0.5 AC
Sale Price: $690,000
Description: Three-story suburban office building with prime location on Limestone Road in Wilmington, DE. 21 parking spaces. Excellent visibility on Route 7. Located 0.3 miles North of Milltown Road.
FOR LEASE – OFFICE SPACE
261 E MAIN STREET, NEWARK, DE 19711
Available: 1,200 SF
Lease Rate: $1,400/mo (includes utilities)
Description: 2nd floor office space available on Newark's Main Street. Easy access in and out of Newark. Located in an SBA Hub Zone. 4 off-street parking spaces. Some office furniture in place. Excellent exposure with signage available on Main Street.
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