300 N Wakefield Dr
Newark, DE 19702
Auction:8/21 - 8/23: 300 N Wakefield · Office Property For Sale

Property tours are available by appointment. Please contact the listing broker to schedule a tour. Investment Highlights: * Type of Ownership: Fee Simple * Lease Guarantor: Corporate * Lease Type: NNN * Original Lease Term: 10 Years * Original Rent Commencement Date: 8/1/2007 * Renewal Rent Commencement Date: 8/1/2017 * Current Lease Expiration Date: 7/31/2019 * Term Remaining on Lease: 2 Years * Tenant Credit Rating (S&P): A- * Abundant Parking (5.45/1,000 SF) * Situated minutes from Wilmington in New Castle County * Less than 1 mile to Interstate 95, North and South Investment Overview: 300 N. Wakefield Drive is a two-story, 115,665 SF Class A office building located in Newark, DE. The property is 100% leased to Comcast (NNN) with over $3M in rents committed until July 2019. The Property sits on 11 acres of land with abundant parking and situated minutes from Wilmington in New Castle County. The Property benefits significantly from its location within a mile from the full Interstate 95 Interchange with Route 273. Route 273 (Christiana Road) provides quick access to US Route 1 and Delaware Routes 4, 896 and 72 (Chapman Road). The Property is also within a mile of two large shopping centers that provide multiple retail and dining choices. The Residence Inn is adjacent to the Property, along with other nearby hotels. The Southern New Castle County Class A Office submarket has the lowest vacancy rate of the four New Castle submarkets at 7.58% versus the entire market at 15.45%. Additionally, the submarket covering all classes of office buildings has recognized substantial positive net absorption in eight of the last nine quarters, which is one of the many factors that has driven rental rates to increase 4.5% year-over-year.