CB Richard Ellis' SVP Steve Italiano and VP Bert DiClemente handled the transaction. CBRE is now looking to lease the building to flex and office tenants around the region. The two-story facility is located only a few miles from Delaware, which gives CBRE a bigger area in which to market the space.
[IMGCAP(2)]DiClemente tells GlobeSt.com that Starr Capital purchased the building, located at 380 Starr Rd., vacant. The asking rate--a bit higher because of the air conditioning--is $8.50 per sf, triple net. "It could suit very well a single corporate user," he says. "Conceivably someone could subdivide the building, but because it two-stories it is most ideal for a single user.
An expandable flex building, 380 Starr Rd. contains office, R&D and industrial space. There is both office and 18-foot high flex space on each level with heavy power, dock loading and parking for 361 cars. The property offers flexible zoning and is divisible to 20,000 sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
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.
