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Philadelphia Office

Wilmington Office Property Sells for $62M

Three Beaver Valley Road, a 264k SF office property in Wilmington, DE, traded hands for over $61.8M. NGKF repped the seller, an entity controlled by KBS Realty Advisors, and the buyer, Medistar Corp, a Houston-based developer and owner of medical-related properties. According to NGKF, the property attracted the interest of 10 different investors in seven states, selling in six weeks, the Philadelphia Business Journal reports. The building is 94% occupied, with Farmer's Insurance as the anchor tenant. [PBJ]

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