Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Nanticoke Crossing in Millsboro.
The property traded at an 8.08 percent cap rate. Nanticoke Crossing consists of 50,590 square feet of retail space anchored by a high-performing Weis Market. The sale price of the property was confidential.
The fully occupied neighborhood center was anchored by Food Lion for decades before it was acquired by Weis Markets as a result of the Ahold and Delhaize Group merger.
Nanticoke Crossing was the first shopping center developed along this now-popular retail corridor along John J. Williams Highway/Route 24 on the outskirts of the Millsboro/Rehoboth marketplace. New retailers, including Giant, Harris Teeter, Wawa and many others, have entered the corridor in the last decade.
Chris Burnham, vice president investments in Marcus & Millichap’s Baltimore office, and Dean Zang, senior managing director investments in Marcus & Millichap’s Washington, D.C. office, had the exclusive listing to market the property on behalf of the seller, a local family, and represented the buyer, a Pennsylvania-based corporation, who has requested to remain confidential.
“Despite Weis’ short-term anchor lease, there was a tremendous amount of interest in Nanticoke Crossing,” said Burnham. The team successfully executed the sale within 95 percent of the asking price.
“Regardless of lease-term, if the grocer has respectable sales, we are seeing strong buyer interest,” said Zang.
Nanticoke Crossing was the 14th shopping center that Zang, Burnham and their seven-person team have completed this year, with two more slated to close by year end, including one on the Delmarva Peninsula. The team also brokered the sale of the Giant-anchored center located directly across the street several years ago.
Ridge MacLaren is the firm’s broker of record in Delaware.