Salisbury, MD – Advisor George Merritt of NAI Coastal recently represented a regional investment group in their purchase of 301 South East 4th Street in Milford, Delaware. The recently renovated industrial building totals +/- 68,000 square feet and is partially occupied by First State Manufacturing. The remaining +/- 34,000 square feet is currently vacant and available for lease.
“The principals of Gillis Gilkerson’s development team purchased this building with intent to lease it fully in the coming months,” said Merritt. “They are known for their ability to add value to properties by securing quality tenants and efficiently managing their assets. It was my pleasure to represent them in this purchase and I look forward to sourcing a tenant for the vacant space.”
The building is fully sprinklered and features 12-foot ceilings with drive-in and dock high doors. Additionally, there is ample outdoor parking and storage space making the property ideal for manufacturing, storage and/or distribution users.
“As always, it was great to collaborate with The McClellan Team of SVN Miller Commercial Real Estate,” said Merritt. “John represented the seller, First State Manufacturing, and together we negotiated sale leaseback terms that enabled them to remain building occupants by becoming tenants upon final settlement. Currently, they lease roughly half of the building.”
ABOUT NAI COASTAL
NAI Coastal is a full-service commercial brokerage headquartered at Riverview Commons, 150 West Market Street in Downtown Salisbury, Maryland. The team of twelve advisors have comprehensive market knowledge and an unwavering commitment to the Delmarva region. In addition to brokerage and development, NAI Coastal rounds out their service offerings with consulting, which covers leasing, assemblage, acquisition and sale and investment advising. For more information, please visit www.naicoastal.com or call 410-543-5115.
ABOUT NAI GLOBAL
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 375 offices strategically located throughout North America, Latin America and the Caribbean, Europe, Africa and Asia Pacific, with 6,000 local market professionals, managing in excess of $1.15 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services. To learn more, visit www.naiglobal.com or www.naiglobalnewslink.com.