The single-story, 151,800 sf building is located in Wilmington Technology Park, just off of Route 93.
The deal is good news in this city that has approximately three million sf of research and development space and is also indicative of its relative stability in the Route 495 North market. According to the most recent statistics compiled by Trammel Crow Co., Wilmington's overall availability is at 21.1% as of this past January, just slightly up from 20% the year before. Perhaps more significant is its absorption for last year which is at a positive 52,000 sf, when many other area cities saw a negative absorption of their space.
Lease rates for this deal were not released but the average asking rent for the city for research and development space is $10.10 per sf.
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