WILMINGTON, DE-The Buccini/Pollin Group has acquired the Bellevue Park Corporate Center here, a three-building, 305,000-square foot office park, for $61.5 million. Metzler Real Estate, based in Seattle, sold the property on behalf of its sponsored fund, Metzler US Real Estate Fund, which represents German institutional investors. The company stabilized it at a 98% occupancy rate, says Don Wise, president and CEO of Metzler Real Estate in a prepared statement, “in a competitive market characterized by 88% occupancy.”
This transaction is one of several projects that the locally-based Buccini/Pollin is involved with in the Mid-Atlantic. It is proposing to build a $45 million mixed-use development with up to 200 luxury apartments, commercial space and a village green where the former Raytheon site in Towson, MD was.
It is also preparing to open next month The Westin Wilmington, as part of a JV between Westport Capital. Managed by PM Hospitality Strategies, the new hotel will have 180 keys and be connected to the Chase Center in the city's revitalized waterfront district.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
