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Patterson-Woods/CORFAC International Sells Brownfield Site for Retail Development

Category: Notable Transactions

Wilmington, Delaware (February 4, 2014)Patterson-Woods Commercial Properties/CORFAC International President Duncan Patterson, CCIM, announced today that Joe Latina represented Ace Petroleum Inc. in an investment property sale located at 2801 Concord Pike in Wilmington.

The buyer, HP Concord LLC paid $850,000 for .35 of an acre and a 1,296-square-foot garage building that it plans to demolish and make way for a new retail development on the land.

According to Latina, the buyer has entered the property into the DNREC Brownfields Development Program as a first step toward cleaning the site for redevelopment. DNREC is an abbreviation for The Delaware Department of Natural Resources and Environmental Control and the state entity that oversees brownfield-site redevelopment.

“The buyer paid a premium for the land on a per-square-foot basis (the equivalent of slightly over $2.4 million per acre) but given the strong demand for Class A retail along the Concord Pike corridor, and the lack of available opportunities, I am confident that they will be able to redevelop the property and demand a strong enough rent get to a good return on their investment,” said Latina.

It is the second investment property sale on the Concord Pike corridor completed by Patterson-Woods/CORFAC International this year. Last month Tom Ryan (with Patterson-Woods) sold a retail property located at 2702 Concord Pike that is occupied by Delaware Gold Exchange and Casapulla’s Subs.

Patterson-Woods/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 40 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 (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. Founded in 1989, CORFAC International is celebrating its 25th anniversary in 2014. In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 60 countries worldwide. In recent years, CORFAC firms have averaged over 9600 completed transactions annually totaling more than 513 million square feet worth an excess of $5.95 billion for their customers. For more information on the CORFAC network, contact 703.532.6160 or visit www.corfac.com.

Media Contact: Gary Marsh (415) 453-7045 or gary@marshmarketing.com