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Bellevue Park Corp Ctr Bldgs Sold for $61.5M

BPG Real Estate Acquires 306,000 SF in Wilmington
February 11, 2014
Metzler North America sold its three office buildings in the Bellevue Park Corporate Center at 200-400 Bellevue Pky. in Wilmington, DE to the Buccini/Pollin Group (BPG) for $61.5 million, or about $201 per square foot.

The seven-building, 4-Star, master-planned suburban office park was built in the late 1980s on 52 acres in the North New Castle County submarket of Philadelphia. It is currently 99 percent occupied by multiple tenants such as CIGNA, Blackrock, BNY Mellon, and MasterCard. The three buildings that transferred in this sale include:
  • Bldg 200: five stories totaling 98,667 square feet;
  • Bldg 300: three stories totaling 90,106 square feet; and
  • Bldg 400: four stories totaling 117,277 square feet.

    The properties have been institutionally-owned and maintained since its recent upgrades in 2005, when Metzler acquired the three-building portfolio for $69.4 million, or about $227 per square foot, according to CoStar data. See CoStar COMPS #1095255.

    "The acquisition of the Bellevue Park Corporate Center further cements our commitment to the State of Delaware and the Greater Philadelphia office market," said Christopher F. Buccini, co-president of the Buccini/Pollin Group. "We are very focused on owning best-in-class assets whether they are in the office, hotel, residential or entertainment sector. With so many world class corporations calling Bellevue home, this is an extraordinary addition to our portfolio."

    BPG's portfolio now tops six million square feet of commercial office space in the Greater Philadelphia MSA. The group also has more than $350 million in new projects under construction across the Northeast, including the 316-room Westin and Hilton Garden Inn hotels and the 116-unit Harlan Flats residential community, both in the Wilmington area.

    The buyer has retained CBRE, Inc.'s Delaware office team of John Kaczowka and Brian Hopkins to exclusively lease its new Bellevue Park assets. Bldg 200 is currently 95 percent leased, with the other two buildings at full occupancy.

    Jonathan Carpenter, Noble Carpenter, Jr., and Drew Flood at Cassidy Turley represented the seller, while the buyer handled the sale in-house.

    Please see CoStar COMPS #2951040 for additional information on this transaction.
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