Newmark Knight Frank has announced the sale of the 10.3-acre; 448,668-square-foot parcel at the southeast corner of Coastal Highway (Route 1) and Holland Glade Road, Rehoboth Beach. The $13.5 million sale represents the last large commercial land tract along the Route 1 corridor between Lewes and Rehoboth Beach.
Mike Margolis, Dave Dolan and Neal Dangello of NKF represented the seller, the Corrado Family LLC, in the sales transaction, and Coastal Station Development Co. LLC was the buyer.
The site will be redeveloped with the first phase to begin immediately; it will include a Royal Farms convenience store and Iron Hill Brewery and Restaurant (planned to open in summer 2018).
The site is one of the last major development sites with frontage along Coastal Highway. Nearby developments include successful retail centers as well as residential communities in the form of apartments, condominiums and townhouse developments. It lies within a 1.5-mile section of Route 1 considered to be the most heavily developed commercial area in and around the Delaware beaches.
With three Tanger Outlet Centers in the area, the location draws tourists and shoppers year-round. The six-lane roadway has heavy traffic (39,000+ ADT) and lies near the beach towns of Lewes, Rehoboth Beach, Dewey Beach, Bethany Beach and Fenwick Island.
Neal Dangello, senior managing director, said, "NKF was able to achieve the $1.310M+ per acre high-water mark price by creatively structuring a lengthy due diligence period which allowed Coastal Station Development Co. LLC the time to design the project and gain a portion of the approvals prior to closing. As a result, they are able to put shovels in the ground in the coming weeks following settlement."
For more information, go to www.ngkf.com.