Real Capital Solutions Enters Philly Market
The company acquired Courthouse Square and Rockwood Office Park, two recently renovated office properties totaling more than 366,000 square feet in Wilmington, Del.
Real Capital Solutions has made its first Philadelphia purchase by acquiring Courthouse Square and Rockwood Office Park in Wilmington, Del. The sellers, Pine Street Real Estate Holdings Corp. and Rockwood Office Park Associates, are two entities associated with AIG Global Real Estate, Yardi Matrix data shows.
Courthouse Square is a 162,212-square-foot, 10-story premier office building featuring underground parking and on-site café. Back in 2015, the 1985-built asset underwent a $10 million renovation which resulted in upgraded lobby, modern elevators, improved common areas, new exterior entrance and plaza area and landscaped surroundings. Located at 600 N. King St., Courthouse Square is close to the New Castle County Courthouse, SEPTA’s Wilmington Train Station, accommodation and entertainment options and restaurants.
Rockwood Office Park comprises 204,725 square feet across three buildings of three stories each. The campus was completed in 1987 and renovated in 2006. Amenities include new elevator lobbies, common areas and bathrooms, upgraded elevator and HVAC systems, as well as refurbished façade. The property sits on 16 acres at 501, 503 and 505 Carr Road and is surrounded by shopping centers, parks and major thoroughfares, including Interstate 95 and Concord Pike.
A CBRE Capital Markets Institutional team comprising Robert Fahey, Jerry Kranzel, Erin Hannan and Jack Corcoran represented the seller in the transaction, together with John Kaczowka, Brian Hopkins and Dan Reeder. Joe Bowar and Scott McDonald of Real Capital Solutions acted in-house. The sale seconds Real Capital’s acquisition of a Florida office asset.