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Patterson-Woods/CORFAC International Sells Office Building and Parking Lot for Local Real Estate Investment Fund

Category: Notable Transactions

News From: Patterson-Woods CORFAC International

Patterson-Woods Media Contact: Allison Terranova (302) 622.3506 or terranova@pattersonwoods.com
CORFAC Media Contact: Gary Marsh (415) 453-7045 or gary@marshmarketing.com

Patterson-Woods/CORFAC International Sells Office Building and Parking Lot for Local Real Estate Investment Fund

Wilmington, Delaware (February 27, 2014) – Patterson-Woods Commercial Properties/CORFAC International PresidentDuncan Patterson, CCIM, announced today that J. Gregory Ellis, CCIM, represented the seller, Rockford King LLC in the disposition of an office building and adjacent parking lot in Wilmington, DE.

Rockford King, an affiliate of a Delaware-based real estate investment fund, sold the 5,776-square-foot office building located at 1314 N. King Street and the adjacent, nearly half-acre parking lot at 1320 N. King Street for undisclosed prices and to separate buyers.

WG&S LLP purchased the office building and occupied it earlier this month. The company was previously located at 4550 Linden Hill Road in Wilmington (Pike Creek) in about 3,800 square feet. Walnut Street Parking Inc. purchased the parking lot as an investment. Rockford King had earlier purchased the combined properties from a bank and subsequently had the two assets legally sub-divided prior to the dispositions. 

“These were market-rate transactions that satisfied the objectives of all three entities; the seller successfully exited an earlier investment, the office building buyer is able to expand and control the future cost of real estate occupancy and the parking lot investor has a low maintenance investment that they can hold for as long as they want and get a good return,” said Greg Ellis. 

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.