CBRE announced that it has arranged for the sale of Courthouse Square and Rockwood Office Park—two office properties located in Wilmington, Delaware—to Real Capital Solutions for an undisclosed sale price.
CBRE Capital Markets’ Institutional team members Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran represented the seller, Pine Street Real Estate Holdings Corp. & Rockwood Office Park Associates, L.P., in the marketing and sales negotiations. CBRE’s John Kaczowka, Brian Hopkins and Dan Reeder, who are based in the firm’s Wilmington, Delaware office, also assisted with the sale. Joe Bowar and Scott McDonald of Real Capital Solutions represented the buyer.
Located at 600 North King Street, Courthouse Square is a 162,212 sq. ft. newly renovated Class A office building strategically positioned next to the New Castle County Courthouse and just a short walk from SEPTA’s Wilmington Train Station. The 10-story property recently completed more than $10 million in renovations and since 2016, has led the market with leasing activity signing over 70,000 sq. ft. of new leases.
Rockwood Office Park—which consists of three, three-story office buildings totaling 204,725 sq. ft—is located at 501, 503 and 505 Carr Road in Wilmington. The campus was most recently renovated in 2006, which included new elevator lobbies, common areas and bathrooms, upgraded elevator systems, HVAC systems and energy efficient windows, among other things.
“We are pleased to have sourced Real Capital Solutions first investments in the Wilmington market, and, in fact, in the entire Philadelphia region,” said Jerry Kranzel, Senior Vice President in CBRE’s Philadelphia based Institution Office sales team. “The ability to acquire two assets simultaneously willallow Real Capital Solutions to have critical mass in the region immediately.”
“Typical of our strategy we are able to buy value-add deals for attractive pricing. This allows us to offer tenants excellent lease value and generous tenant improvement allowances if their business needs it. Our business is highly entrepreneurial, and we can respond very quickly to client needs,” said Marcel Arsenault, CEO of Real Capital Solutions.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
About Real Capital Solutions
Real Capital Solutions is a highly entrepreneurial real estate company that invests smart capital and provides practical solutions for real estate opportunities. For over 30 years, RCS has achieved great success investing in entrepreneurial real estate ventures. During that time, the company has purchased and managed more than 365 real estate investments totaling approximately $3.5 billion. The company’s commercial portfolio alone is valued at more than $750 million and is comprised of nearly 11 million square feet of office, retail, and industrial properties. Real Capital Solutions’ investment performance is a result of a solutions-oriented approach to property acquisition, development, management and divestiture. RCS will continue to produce exceptional returns for its investors by working with operating partners that share the same entrepreneurial drive and operational precision in order to achieve extraordinary performance. Learn more at: www.RealCapitalSolutions.com.
