waystem93 blog

Real Capital Solutions has purchased a pair of Wilmington, Del., office properties from an affiliate of AIG Global Real Estate Investment Group for a total of $27.8 million.

The Louisville, Colo., investment manager paid $15.3 million, or $74.75/sf, for the Rockwood Office Park, with 204,725 square feet that's roughly 75 percent occupied at 501, 503 and 505 Carr Road; and $12.5 million, or $77/sf, for the 162,212-sf Courthouse Square, the former Alico Plaza at 600 North King St., which is just about 70 percent occupied.

The properties were marketed through CBRE.

The Courthouse Square building, near a commuter-rail station, has 10 floors and has undergone roughly $10 million of renovations over the past two years. And the Rockwood property received new heating, ventilation and air-conditioning systems, windows and renovated bathrooms and common areas 12 years ago.

The transaction marks the first investment in the Philadelphia region for Real Capital, a value-add investor that targets investments in 14 markets, from New Jersey on the East Coast to California on the West Coast. It owns apartment, retail, office, single-family and residential condominium properties.

Comments? E-mail Orest Mandzy, or call him at (267) 327-4281.

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