Wednesday, January 25, 2017

Atapco Sells Christina Exec Campus

DelleDonne & Associates, Inc. purchased the six-building Christiana Executive Campus at 111-131 and 200-240 Continental Dr. in Newark, DE for $55 million, or about $118 per square foot, from Atapco Properties, Inc.

Totaling 467,355 square feet, the office campus is situated on 42 acres in the South New Castle County submarket of Philadelphia, adjacent to Christiana Hospital Complex, a Hilton Hotel, Center Point Plaza, Christiana Mall and various retailers and dining options. Atapco built the complex between 1986 and 2000 and remained the sole owner and on-site property manager until its sale.

Delle Donne plans on relocating its corporate headquarters to the campus and is planning to develop an additional 200,000 square feet of space at the site. Newly signed leases and the 20,000 square feet that Delle Donne & Associates will occupy at their new headquarters bring the property’s vacancy rate to about 10 percent. The subject property was 76 percent leased at the time of sale.

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