Salisbury, MD — Principal Chris Davis and Advisor Christian Phillips of NAI Coastal recently brokered the sale of an industrial investment portfolio in Seaford, Delaware. In a multimillion-dollar transaction, 1700 Dulaney Street, home to an Amazon distribution center, and 200 Allen Street were purchased by an investor headquartered in New Jersey.
Together, the buildings total nearly 300,000 square feet and are situated on +/- 23.5-acres of commercial land within Seaford’s city limits. Since May 2021, Amazon has occupied over 100,000 square feet and 12-acres of surrounding land. Other tenants include the State of Delaware’s Department of Elections, Invista, Dunn’s Floor Coverings and Johnny Janosik World of Furniture. Both buildings offer convenient access to interstates leading to Washington D.C., Baltimore, Philadelphia, and Wilmington, further positioning the property as one of the Eastern Shore’s leading distribution centers.
“After meeting with the buyer’s investment group to gain a better understanding of their criteria, I worked within my team to source this off-market acquisition opportunity,” said Davis. “As the second largest publicly traded company in the United States, Amazon is one of the world’s largest, most successful and innovative companies which made this purchase all the more exciting and worthwhile for the buyers.”
Phillips represented the sellers, principals of a prominent Delmarva-based development firm. Within a matter of months, their team transformed the largely vacant property into a high-class, well-managed industrial asset.
“It was a pleasure to assist the sellers in navigating a transaction of this stature,” said Phillips. “As with any investment sale, there was a high level of analysis that took place prior to closing. The sellers’ highly qualified team of property management and legal professionals were instrumental in helping Chris and I to close the deal.”
For more information on this transaction or to inquire about other investment opportunities, contact Chris Davis / Tori Brown or Christian Phillips by emailing Chris@NAICoastal.com / Tori@NAICoastal.com / Christian@NAICoastal.com or by calling 410-543-5115.