Class-A Buy in the First State
The Buccini/Pollin Group has acquired the Bellevue Park Corporate Center in Wilmington for nearly $62M. Seattle's Metzler Real Estate sold the three-building park with 305k SF on behalf of the Metzler US Real Estate Fund, which reps German institutional investors. No wonder the building was attractive: BPG co-prez Christopher Buccini says that Bellevue Park has some world-class tenants that call the center home—including CIGNA, Blackrock, BNY Mellon, and MasterCard (that's a strong lineup, something we can't quite say for the Phillies)—which makes it a stellar addition to the portfolio. Plus, having 99% occupancy doesn't hurt. CBRE and its Delaware office team will rep the landlords as exclusive leasing agents.