Mixed-Use Asset Trades at University of Delaware

NEWARK, DE-A fully occupied two story retail and office property located on the University of Delaware’s campus has traded for approximately $7.2 million, or $202.44 per sf. Main Street Galleria LLC, a Maryland-based developer sold 45 East Main St. to a Delaware based partnership in a 1031 exchange.

Dean Zang and Mark Taylor of Marcus & Millichap Real Estate Investment Brokerage Co. in Philadelphia represented the seller, who acquired the property at a 7.7% cap rate – an unusually strong rate for the market, according to Zang.

Zang tells GlobeSt.com that there was high demand for the property, which was a contributing factor. “A typical or similar property could be expected to trade at 7% to 7.2%. But this building is very well located and widely known in the area. You could call it a trophy building for private investors.”