LOADING

Type to search

Commercial Real Estate News

Development firm buys Seaford warehouse for $2M

Share

Gillis Gilkerson and NAI Coastal announced it bought a Seaford warehouse last week. | PHOTO COURTSEY OF NAI COASTAL

SEAFORD – A Salisbury, Md., development firm has acquired a 83,000-square-foot warehouse in Sussex County.

The warehouse at 200 Allen St. in Seaford was sold to Gillis Gilkerson and for $2.25 million, according to company principal Brad Gillis. The deed has not transferred as of Oct. 5, according to online property records. 

Gillis Gilkerson is a construction and development company that operates in Maryland and southern Delaware, and operates in conjunction with the commercial brokerage firm NAI Coastal.

NAI Coastal and Gillis collaborated with Senior Advisor Tom Knopp of SVN Miller Commercial Real Estate to facilitate the sale, according to a press announcement.

“Looking at the national trends for warehouse and distribution, this property was a good fit with what the market is looking for,” Gillis told the Delaware Business Times. “There are prospective tenants looking for large space to work out of, especially with the rise of online shopping right now.”

The Allen Street property has 18-foot ceilings, five loading docks and two drive-in doors. Southern States Cooperative, a $1.5 billion agricultural supply business, owned the building and at one point operated out of the Seaford warehouse.

“Our vision is to take underutilized warehouses and re-energize them with new tenants. Seaford has been a great market for the past 25 years for warehouse and distribution, and we’re already speaking with prospective tenants,” Gillis said.

The asset is marketed to be leased in full or to accommodate multiple tenants with a minimum occupancy of 10,000 square feet. But Gillis said that ideally it would be leased out to one to two users to best utilize the property.

“Any more in smaller chunks would be difficult, because it’s pure geometry at that point,” he said.

The Seaford warehouse is actively listed for lease by NAI Coastal as a part of the firm’s extensive 700,000-square-foot-plus industrial portfolio. Established in 2019, the brokerage firm works in partnership with Gillis Gilkerson to capitalize on the rising growth in the Delmarva region.

By Katie Tabeling

[email protected]

Tags:

You Might also Like

Leave a Comment

Your email address will not be published. Required fields are marked *