NGKF Capital Markets has successfully completed the sale of 242 and 248 Chapman Road in Newark, Delaware.The NGKF Capital Markets team comprising Mike Margolis, Dave Dolan and Brett Segal, along with area experts, Neal Dangello and Wills Elliman, represented Equus Capital Partners in the $15.55 million sale to Chapman Business Associates, LLC.
The two-building portfolio consists of 242 Chapman Road, a three-story, 65,967-square-foot office building and 248 Chapman Road, a two-story, 77,974-square-foot office building. Both buildings are 100 percent occupied by two long-term tenants.
KBR, the anchor tenant, has occupied 82 percent of the rentable square footage since 1991. The tenant’s long-term commitment to the Portfolio is driven, in part, by the firm’s local clients. Approximately half of KBR’s staff services DuPont Corporation, headquartered in Wilmington. The Portfolio’s second tenant, HP Enterprises, has also been a long-term tenant since 2000, and is under lease until 2021.
“The Portfolio benefits from the long-term tenancy of KBR, an international engineering firm,” Margolis said. “As a deep-rooted vendor of DuPont, the location provides KBR easy access to DuPont’s many Delaware locations. The open floor plates are also well-suited to their engineering use.”
Equus Capital Partners has taken great care to ensure minimal capital expenditures will be needed in the coming years due to recent renovations that include: new ceilings and lighting throughout, updated lobbies and restrooms, a new roof, HVAC upgrades, a new fire panel as well as new elevators.
The Portfolio benefits significantly from its location which is less than a mile from the full Interstate 95 Interchange with Route 273. Additionally, it is within one mile of two large shopping centers (University Plaza and Christiana Town Center) and just two miles from the Christiana Mall.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world's leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF's 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF's strong foundation makes it one of the most trusted names in commercial real estate. NGKF's full-service platform comprises BGC's real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC's common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
About Equus Capital Partners, Ltd.
Equus Capital Partners, Ltd. (“Equus”), is one of the nation’s leading private equity real estate fund managers. Equus’ portfolio consists of approximately 18 million square-feet of office, retail, and industrial properties and over 11,000 apartment units across 49 multi-family communities located throughout the United States. The firm is headquartered in the Philadelphia area, with a principal office in Yardley, PA, and with offices in Philadelphia, Chicago, Los Angeles, Washington, D.C., Boston, Atlanta, and Raleigh-Durham. For additional information, please visit the company’s website at www.equuspartners.com.
