New Regional Center Hits the Market in Delaware
DOVER, Del., May 30, 2017 – Institutional Property Advisors (IPA), a division of Marcus & Millichap specializing in serving institutional and major private real estate investors, is pleased to exclusively offer for sale Dover Town Center, a 110,155-square-foot regional center in Dover, Delaware. The price is open bid, though the suggested unleveraged yield is 7 percent.
“Newly renovated, Dover Town Center’s modern and attractive architecture provides a desirable shopping environment for customers in a market starved of national soft-goods brands,” says Dean Zang, senior managing director. “These retailers draw from over a 20-mile radius in the Delmarva region.”
Zang, David Crotts, director, and Christopher Burnham, associate, are representing the seller, a joint venture between Pennsylvania-based Onix Group and Maryland-based Birchwood Capital Partners.
“Over 85 percent of the center’s base rental revenue is from national tenants such as Ross, Ulta Beauty, Shoe Carnival, Petco, Outback Steakhouse, Carter’s, Five Below, Lane Bryant and Comcast,” adds Crotts.
“The weighted average remaining lease term exceeds 8.5 years, which makes this a highly stable asset,” notes Burnham.
The property is located along North Dupont Highway, U.S. Route 13 and is a former Walmart location.
“The Walmart was undersized and subsequently moved northwards of the site,” comments Zang.
Dover Mall, Dover Downs Shopping Center, North Dover Shopping Center, Dover Downs Hotel & Casino and Dover International Speedway effectively neighbor the property, which provides tremendous draws. Delaware Technical Community College and Wilmington University’s Dover campus are both less than a mile away.
Dover Town Center is anchored by a 25,000-square-foot Ross and shadow-anchored by a 122,000-square-foot Sam’s Wholesale Club.
Donald R. MacLaren, Jr. is Marcus & Millichap’s broker of record in Delaware.