SEAFORD — A Maryland development firm has acquired a 208,000-square-foot warehouse in Sussex County, adding yet another asset to its inventory as it continues to cross state lines.Gillis Gilkerson, of Salisbury, Md., purchased 1700 Dulany St. Unit 8 and 9 for more than $7 million on Jan. 5, according to county land records. The warehouse was owned by Invista, the former DuPont Co. textiles and interiors business, but leased out to Kenco Logistic Services.
[caption id="attachment_208050" align="aligncenter" width="1073"] The Seaford warehouse recently acquired by Gilis Gilkerson | PHOTO COURTESY OF GILIS GILKERSON[/caption]
Gillis Gilkerson principal Brad Gillis described the purchase as an opportunity that the firm seized at the right time.“Our goal is to take a risk and buy these warehouses, with remodeling as needed, and filling them with tenants as needed. Right now, we’re reaching out to our tenants in warehousing and distribution to see the interest,” Gillis told the Delaware Business Times.Founded in 1983, Gillis Gilkerson launched as a small commercial contractor to one of the largest construction managers on the Delmarva peninsula. The firm has completed projects ranging from Ocean City to Kent Island in Maryland to as far north as Dover and Milford. Over time, the firm expanded with a full-service commercial real estate firmNAI Coastal.This marks the second property Gillis Gilkerson or its firms have bought in Seaford, a city once known for DuPont’s nylon plant and Allen Family Foods before both shuttered. In October, Gillis Gilkerson closed on a former Southern States warehouse right across 1700 Dulany St. for$2.25 million.“This is what we do, we take underused warehouses and re-energize them. We’re looking more outside our 60-mile radius,” Gillis said. “Seaford has been a great market for this industry.”firstname.lastname@example.org
Leave a Comment