WILMINGTON, DE—Barley Mill Plaza, an office complex spanning 455,000 square feet and 36 acres, has been acquired for $25 million. The buyer, Odyssey Charter School, plans to convert it to an educational campus.
Tony Bariglio, partner at Patterson-Woods Commercial Properties/CORFAC International, represented the buyer. Bariglio previously represented Odyssey in 2006 in the acquisition of its current Upper School Campus at 201 Bayard Avenue in Wilmington. That property is now listed for sale.
Bariglio tells GlobeSt.com that the former DuPont facility is ideally suited for an educational campus.
"It's a secluded site and gorgeous campus yet accessible to Route 48 and Route 141," he says.
It also served as a home for DuPont for more than 30 years, he says. This particular spread was part of a larger office campus with eight buildings on 36 acres.
The parcel was sold to Barley Mill, LLC -- Stoltz Real Estate Partners, LLC -- in 2007.
"Odyssey Charter School plans to retain six of the buildings for classrooms and demolish two of them to make room for athletic fields," Bariglio says. "Eventually, the school is projected to accommodate up to 1,700 students."
The Lower School Campus moved to Barley Mill in March of 2014. Eventually, the entire school will migrate to Barley Mill, and in coming years will add grades 8-12, making it a K-12 school.
The deal was financed through $34 million in bonds issued by the Delaware Economic Development Office.
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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.
