CBRE announced today that it has arranged for the sale of a Class A office building located at 824 North Market Street in downtown Wilmington, Delawareto Chopp Holdings of Lakewood, New Jersey. This was Chopp Holdings’ first acquisition in the State of Delaware.
Jerry Kranzel, Robert Fahey, Erin Hannan and Jack Corcoran of CBRE Capital Markets’ Institutional Properties team marketed the building on behalf of the previous owner of 824 North Market Street.
Built in 1982, the 10-story office building is located in the heart of the Wilmington CBD directly across from Wilmington’s US District Courthouse. Currently, 62 percent of 824 North Market’s existing occupancy is General Services Administration tenants, anchored by the U.S. Bankruptcy Court, which occupies 65,941 sq. ft. The property also houses retail tenants such as Santander Bank, Brew HaHa! and Jimmy John’s, among others.
"We had many buyers who were attracted to 824 North Market Street because of the combination of stability afforded by the property being the long-term home of the US Bankruptcy Court, along with being an outstanding value-add opportunity at 67 percent occupancy," said Jerry Kranzel, Senior Vice President at CBRE. "Ultimately, we were extremely fortunate to select Chopp Holdings as our buyer, as they performed perfectly despite all of the current challenges in closing transactions."
824 North Market, which boasts 44 parking spaces, was 67 percent occupied at the time of sale.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
