WILMINGTON, DEL. — Metzler Real Estate, a Seattle-based investment firm, has sold the 305,000-square-foot Bellevue Park Corporate Center in Wilmington for $61.5 million. The Buccini/Pollin Group purchased the three-building complex.
The Class A property is located at 300 Bellevue Parkway, in close proximity to U.S. Highway 95, and is leased to a number of financial services tenants, including CIGNA, Blackrock, BNY Mellon and MasterCard.
“Our team’s disciplined approach to investment and asset management led to the successful sale of this asset,” says Don Wise, president and CEO of Metzler. “By securing long-term leases with credit-worthy national tenants, we stabilized project occupancy at 98 percent in a competitive market characterized by 88 percent occupancy.”
Originally constructed in 1990, the complex offers views of the Delaware River and easy access to Bellevue State Park. The property is situated within 20 miles of the Philadelphia Central Business District and within 30 miles of Cherry Hill, N.J.
Metzler sold the asset on behalf of sponsored fund Metzler US Real Estate Fund, which represents German institutional investors. Cassidy Turley represented the seller in the transaction.
The Buccini/Pollin Group is a privately held, full-service real estate acquisition, development and management company with offices in Washington, D.C.; Wilmington; Philadelphia; and New York City. The firm’s portfolio includes 26 hotels, 6 million square feet of office and retail space, 10 residential communities and multiple entertainment venues.
In the past two years, Buccini/Pollin has broken ground on more than $350 million worth of projects between Washington, D.C. and New York City. In Wilmington alone, the company will complete two hotels totaling 316 rooms and the 116-unit Harlan Flats multifamily community.
“The acquisition of the Bellevue Park Corporate Center further cements our commitment to the state of Delaware and the greater Philadelphia office market,” says Christopher Buccini, co-president. “We are very focused on owning best-in-class assets, whether they are in the office, hotel, residential or entertainment sector.”
John Kaczowka and Brian Hopkins of CBRE will lead the leasing team going forward.
— John McCurdy