Institutional Property Advisors Sells Delaware Power Center
Built in 1989, North Dover Center recently re-tenanted two of its anchor units, including Toys R Us and Acme, bringing in a 57,820-square-foot Hobby Lobby that opened in September 2020 and a 32,690-square-foot Bob’s Discount Furniture that opened in June 2021. In addition, Staples and T.J. Maxx have a tenure of over 25 years as complementary anchors.
“North Dover Center’s exceptional location at the primary entrance to nationally renowned Bally’s Dover and Dover International Speedway, which attract more than 2.1 million total visits annually, make it truly unique,” said Brad Nathanson, IPA senior managing director investments. “The property’s positioning at the epicenter of the market along heavily traveled Route 13 with over 2 million square feet of anchored retail will provide tremendous appreciation. Dover will always be the regional shopping hub for one of the largest tourism attractions in the Northeast’s summer months when it attracts three times the usual traffic volume.” Nathanson and IPA’s Dean Zang and David Crotts represented the seller and procured the buyer, Milbrook Properties.
North Dover Center is located within a prime retail corridor at the signalized intersection of North DuPont Highway/U.S. Route 1 and College Road, where the combined average daily traffic count is over 84,000. Additional employment drivers nearby are the Dover Air Force Base, home of the largest aerial port facility on the East Coast, the Dover Mall, which sees over 2.3 million visits per year, and Delaware State University, located just across Route 13. Sean Beuche, vice president and regional manager is Marcus & Millichap’s broker of record in Delaware.
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offer customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com.