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Patterson-Woods/CORFAC International Sells 12-Story Downtown Wilmington Office Building in Nationwide Auction

Category: Notable Transactions

Wilmington, Delaware (October 3, 2013) – Patterson-Woods Commercial Properties/CORFAC International President Duncan Patterson, CCIM, announced today that his company has sold a 12-story, downtown Wilmington office building for slightly more than $1.7 million that was co-listed nationally with Auction.com.

Patterson-Woods’ J. Gregory Ellis, CCIM and Rich Dudek were the only brokers involved in the sale of 913 North Market Street in Wilmington. The building is approximately 81,828 (gross) feet of which about 72,000 square feet is rentable. Built in 1983, approximately 60 percent of the office space was occupied at the time of sale.

The seller was Delaware Offices, a Wilmington-based property investment and management firm. The buyer was 913 Market LLC, an entity of Sky Management Services, LLC.

The sale was originated through Auction.com, the nation’s leading online marketplace for commercial and residential building sales, with Ellis and Dudek managing regional marketing duties and processing the sale. The property sold in a 24-hour period using the Internet auction process with electronic bids.

“This is a value-add opportunity for the buyer and a fair market-rate transaction for all parties involved,” said Rich Dudek.

About 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. In association with FIABCI (the International Real Estate Federation) and global affiliates, CORFAC International offers commercial real estate services with market reach in 65 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.